Following the liquidation of Pilkington Estates Ltd in August 2024, creditor claims have now surpassed £650,000. Despite the company’s entry into creditors’ voluntary liquidation two years ago, new claims continue to emerge. Meanwhile, the Pilkington Estates trading name remains in use by South West Peninsula Real Estate Ltd (SWPRE), a separate entity that acquired the business and assets after liquidation.
Asset Realisation and Director’s Loans
Liquidators anticipate generating approximately £109,000 from the assets of Pilkington Estates Ltd. However, estimated liquidation expenses of around £65,000 will significantly reduce the available funds for distribution. The business was sold to SWPRE for £60,000, but the new owner has failed to make payments as agreed, with £28,500 received by the liquidators over the past year and the remaining balance due in November.
In a separate development, liquidators are pursuing recovery of funds from an overdrawn director’s loan account. At the time of liquidation, the account of sole director Jon Pilkington showed an overdrawn balance exceeding £300,000. Although the liquidators accepted a £50,000 settlement, Pilkington has fallen behind on repayments, prompting a revised payment plan. Repayments are set to resume in December and continue until May 2028.
A recent progress report from liquidators Brailey Hicks reveals that HMRC has submitted a claim of £393,311. Based on current estimates, HMRC is expected to receive 12.73p in the pound, leaving around £346,000 of its claim unpaid. The situation for unsecured creditors appears more challenging, with initial estimates of £110,045 now rising to £265,463. According to the liquidators, “At present it seems unlikely a dividend will be made available to unsecured creditors.”
The liquidators’ ability to make distributions to HMRC and the Redundancy Payments Service hinges on recovering outstanding sums, including those still owed from the business sale. The deal, which included offices in Sutton Harbour and Stoke, 12 staff members, and a portfolio of nearly 300 properties, was initially valued at £60,000, comprising an initial payment of £8,000, £22,000 in deferred consideration, and a further £30,000 payment. Pilkington Estates Ltd entered liquidation after a creditors’ meeting in August 2024, with Jon Pilkington citing the Covid pandemic’s impact on the business, including disrupted viewings, collapsed transactions, and rising costs, as factors contributing to its financial difficulties. The liquidation process is expected to take an additional two to three years to complete.
