{"id":538248,"date":"2026-02-16T12:59:19","date_gmt":"2026-02-16T12:59:19","guid":{"rendered":"https:\/\/www.constructionnews.co.uk\/?p=538248"},"modified":"2026-02-16T13:42:19","modified_gmt":"2026-02-16T13:42:19","slug":"search-for-2-5m-worth-of-squibb-plant-drags-on","status":"publish","type":"post","link":"https:\/\/www.constructionnews.co.uk\/financial\/administrations\/search-for-2-5m-worth-of-squibb-plant-drags-on-16-02-2026\/","title":{"rendered":"Search for \u00a32.5m worth of Squibb plant drags on"},"content":{"rendered":"

Liquidators for Squibb Group are still searching for \u00a32.5m worth of plant and machinery, two years after the firm was wound up.<\/span><\/p>\n

A report from the liquidators, both from <\/span>Interpath Advisory, said they had not found any more plant and machinery belonging to Squibb, a year after they first flagged difficulties in doing so.<\/span><\/p>\n

Jonathan Thielmann and David Standish from Interpath were appointed as Squibb\u2019s liquidators in May 2024 after it<\/span> was wound up at the High Court<\/span><\/a>.<\/span><\/p>\n

In their latest progress report, published on Friday (13 February), they said the ongoing search for the plant, and discussions around remedial works, meant they were still \u201cuncertain\u201d as to whether supply chain creditors would receive anything from the process.<\/span><\/p>\n

Last March, Thielmann and Standish<\/span> flagged \u201csignificant difficulty\u201d in tracking down<\/span><\/a> \u00a32.5m worth of plant and machinery, which Squibb had noted when it filed for a company voluntary arrangement in October 2023.<\/span><\/p>\n

The liquidators added in their latest report that they had not found any more plant and machinery in the year to 7 December 2025.<\/span><\/p>\n

During the previous year, they recovered<\/span> plant and machinery with a market value<\/span><\/a> of about \u00a3167,000 and sold it for around \u00a3100,000.<\/span><\/p>\n

The Interpath liquidators also pointed to unspecified remedial works, which they said were dragging out the liquidation process.<\/span><\/p>\n

It is \u201cpossible\u201d that more debts will be recovered following the completion of those remedial works and the expiry of a two-year defects period, scheduled for December 2026, the liquidators added.<\/span><\/p>\n

Construction News <\/span><\/i>understands some firms that owed Squibb money have said those debts should be reduced, to cover extra costs incurred to remediate and finish work on Squibb sites.<\/span><\/p>\n

So far, the liquidators have received claims from unsecured creditors valued at \u00a359.5m, including one of \u00a314.2m from HMRC.<\/span><\/p>\n

But because of that, the search for assets and a number of other investigations, their report said it \u201cremains uncertain whether a dividend will be available to unsecured creditors\u201d.<\/span><\/p>\n

Preferential claims, including amounts owed to HMRC, would rank ahead of unsecured creditors.<\/span><\/p>\n

The liquidators are also working with solicitors Wedlake Bell to claim more than \u00a3210,000 after Interpath sold off Squibb\u2019s shares in its subsidiary, River 64 Limited.<\/span><\/p>\n

They agreed, in February 2024, to sell the shares for \u00a3270,000 to an unspecified buyer and have since received \u00a354,900.<\/span><\/p>\n

The rest was now \u201cover 12 months in arrears\u201d, the liquidators said.<\/span><\/p>\n

But they warned they are now less likely to recover all of that money following the liquidation of a related firm, Armstrong York Asbestos Environmental Ltd, in November.<\/span><\/p>\n

River 64 was the holding company for another firm, Apple Corporate Associates Ltd, which in turn was a 95 per cent shareholder in Armstrong York.<\/span><\/p>\n

As Squibb \u201chas a charge over the assets of Armstrong York\u201d, that liquidation will \u201cimpact the likelihood that the purchaser\u201d can pay off the \u00a3210,000 due to Squibb. That could then affect the amount of funds available to creditors.<\/span><\/p>\n

The liquidators said they could end up receiving funds from Armstrong York\u2019s liquidation process, and would see if it could take any steps to \u201cenforce\u201d payment of the \u00a3210,000.<\/span><\/p>\n

The liquidators declined to comment.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Liquidators for Squibb Group are still searching for \u00a32.5m worth of plant and machinery, two years after the firm was wound up. A report from the liquidators, both from Interpath Advisory, said they had not found any more plant and machinery belonging to Squibb, a year after they first flagged difficulties in doing so. Jonathan …<\/p>\n","protected":false},"author":90643,"featured_media":488046,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ep_exclude_from_search":false,"footnotes":""},"categories":[554,552,57171],"tags":[],"class_list":["post-538248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-administrations","category-financial","category-supply-chain","issue-online-news"],"yoast_head":"\nSearch for \u00a32.5m worth of Squibb plant drags on | Construction News<\/title>\n<meta name=\"description\" content=\"Liquidators for Squibb Group are still searching for \u00a32.5m worth of plant and machinery, two years after the firm was wound up. 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