Segoes creditors get 1% of total claim

| 28/03/2012

(CNS Business): Seven years after the process to place Segoes Services Ltd into liquidation, a Cayman Islands Grand Court order expected today (28 March) will officially dissolved the company. Fifty-two creditors will then recieve US$112,000 – just 1% of their total claim – to be divided between them after the liquidators and their legal counsel have been paid. In thefinal document prepared for creditors, liquidators Krys & Associates (Cayman) Ltd said that total claims made by creditors amounted to US$9.8 million but during the course of the liquidation, the value of assets recovered was just US$4.07 million. Fees incurred by the liquidators and legal counsel for the seven years’ work amounted to approximately $4.7 million, though they agreed to take just $3.64 million, since this was not covered by the amount recovered. Read more on CNS Business

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