How could they leave the loved ones
Avient Ltd owes at least £20.7m to more than 350 creditors, but with question marks over the company’s assets, an estimate by administrator Portland suggests that creditors may only receive between 3% and 5% of their claims....
A creditors’ committee was formed in June to agree to the new plan, although a lack of transparency into Avient’s finances, which have not been updated since May 2012, is hampering efforts to resolve outstanding issues. Challenges include the valuation of DC10 spare parts, which according to Avient have a book value of £2m, although this is disputed. The finances have been further complicated by an HMRC tax investigation into Avient’s affairs, which were spread across some six connected companies. The former directors, Andrew and Sam Smith, had also withdrawn some £594,000, which was unaccounted for in the books, and which, depending on an HMRC decision, may need to be recovered. In addition, the families of two crew members which died in a 2009 crash also claim not to have received the €1.5m settlement from an insurance policy which paid out to Avient.