Firm's fall to cost millions
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.
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Hide AdIt 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.
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Hide AdBut, 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.