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
People Moves: 11 – 15 November 2024
Stay in the loop with the latest personnel moves in insurance.
Broking Success: Insight in niche areas
Tim Sydenham, managing director of County Insurance Services, looks to grow policy count in niche areas, as the business celebrates 40 years.
Howden bolsters presence in the North West with Manchester headquarters
Howden Insurance as opened its first North West headquarters with a new office in Manchester, boosting the broker's presence in the region.
Aviva UK general insurance GWP soars by 18%
Aviva UK has reported an 18% rise in general insurance gross written premiums to £5.7bn over the first nine months of 2024.
FCA promises reframed and revised ‘name and shame’ plans but no decision until early next year
In a House of Lords Financial Services Regulation Committee evidence session earlier today, Financial Conduct Authority CEO Nikhil Rathi said no decision will be made on its investigation transparency proposals consultation until early next year.
Bridge launches wholesale division with new recruits
Bridge Insurance Brokers is launching a specialist wholesale division for real estate business to work with third-party brokers.
FCA closes in on authorisation targets as performance rises again
The Financial Conduct Authority has improved its delivery on the two broker-related authorisation metrics that remain in the ‘amber’ zone as it hones in on delivering a ‘green’ performance in all five relevant categories.
Howden opens in Canterbury
Howden Insurance has opened in Canterbury, adding to its network of over 200 branches.