Belfast Telegraph

Millions of pounds set to be lost by bank and businesses after engineering firm Williams Industrial Services collapse

Millions is set to be lost by creditors following the collapse of a Co Antrim engineering firm.

Mallusk-based Williams Industrial Services (WIS) collapsed in February, with most of the approximately 150 people employed by the company made redundant.

The company specialised in water-treatment and anaerobic digestion technology, with its collapse coming as a result of cash shortfalls, contract disputes, and an inability to secure external investment.

A statement published on the Government's Companies House website by administrators PwC outlines the company's assets and liabilities and how much each creditor is is likely to receive.

PwC states in the document Allied Irish Bank, which had lent the company around £7m, was likely to see a "significant shortfall" on its investment.

The bank as a secured creditor will be paid first from the disposal of its assets.

WIS's assets, including property owned and manufacturing equipment, are valued at around £5m.

For the repayment of unsecured creditors, the PwC document says it does "not think there will be funds available" - meaning more than 250 creditors will likely receive nothing.

The list of unsecured debts includes separate amounts of £300,000 owed to: an engineering firm in Tyrone; a Manchester-based specialist fabricator firm; and an electrical automation firm in Belfast.

One Tyrone-based firm is listed as being owed more than £700,000.

The document states the company believes it will be able to pay preferential creditors, which are mostly its employees, in full - with the amount owed to them estimated to be around £132,705.

Belfast Telegraph Digital

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