MCE administrator report reveals £35m HMRC claim as totals soar
The administrator of MCE Insurance has received £155.7m in unsecured claims from trade and expense creditors with the figure ballooning from £32.3m, the latest progress report has revealed.
Motorbike specialist broker MCE fell into administration in July last year with Crowe UK appointed to the role.
In proposals issued in September, MCE was projected to have assets of £2.5m versus liabilities to preferential creditors (staff) and second preferential creditors (HMRC) of £1.6m.
This meant, given the estimated £32.3m of unsecured claims, a forecast shortfall of £30.6m for this pot after full payout to preferential creditors.
ProgressHowever, in a filing published this month, setting out
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insight
MPs and peers slam “incompetent at best, dishonest at worst” FCA
A cross-party group of MPs and peers has hit out at the Financial Conduct Authority and demanded substantial changes after its call for evidence found the regulator “is seen as incompetent at best, dishonest at worst”.
Polaris at 30 – Stuart Reid
In the second Q&A instalment of the Polaris at 30 series, chair of Partners& Stuart Reid shares memories of the industry moving from paper rating guides to digital trading and his view on the “plainly daft” frustration in e-trading today.
Polaris at 30 – Ray Vincent
As insurance industry owned Polaris celebrates its 30th birthday, Insurance Age asks experts for their recollections on the dawn of digital trading and what is coming next.
Leeds regional review: Buoyant market optimistic for continued growth
Insurance experts in Leeds are confident in the region’s prospects as competition for talent ramps up, reporter Rosie Simms discovers in her review of the Yorkshire city.
Mountifield promoted to Academy MD as Beaven steps down
Nick Mountifield has been promoted to managing director at Academy Insurance Services, as Richard Beaven has retired for health reasons.
Howden: SMEs remain underserved by cyber insurance market
Cyber attacks have cost UK businesses £44bn over the last five years, according to Howden, with the broker adding SMEs remain underserved in terms of insurance protection.
JMG in quadruple deal swoop
JMG has snapped up four brokers, adding additional expertise in high-net-worth, commercial, motor trade, technical and specialist consultancy services to the Yorkshire-headquartered group, Insurance Age can reveal.
Polaris at 30 – managing director Vivek Banga
Ahead of a week-long ‘Polaris at 30’ series Insurance Age caught up with managing director Vivek Banga to run the rule over the history of e-trading developments and what is coming next for brokers.