Firm's fall to cost millions
Hundreds of businesses owed money by a collapsed Co Antrim engineering firm will likely not receive any repayments, it has emerged.
Mallusk-based Williams Industrial Services (WIS) went into administration in February, with the loss of around 150 jobs.
And administrators PwC has revealed that Allied Irish Bank – which is owed £7m – would “suffer a significant shortfall” on their lending to WIS.
It added that many firms – including many Northern Ireland companies owed money by WIS – are not expected to receive anything at all.
In its report lodged with Companies House, PwC outlined a breakdown of the firm’s assets, such as property, machinery and vehicles.
The administrator estimated that the company’s assets amount to around £5m at best.
The bank, as a secured creditor, is first in line to any funds raised from the disposal of assets.
But, with the sale of assets not expected to discharge the debt owed to the bank, PwC warned: “We do not think there will be any funds available for unsecured creditors.”
This includes the scores of businesses owed money by WIS, including a Co Tyrone company which is owed over £760k.
When asked for a comment on how this could potentially impact on many of these businesses, a PwC spokesperson told the News Letter: “We do not comment on our clients’ affairs.”
At its height, WIS was one of the largest providers of environmental engineering technology on the island of Ireland.