Allders creditors could face long wait for cash (From Your Local Guardian)

Previous administration of Allders in Croydon took seven years to wind up

9:00am Wednesday 27th June 2012 in Business News Exclusive By Nick Hitchens

Creditors owed money by Allders could have to wait as long as seven years before being repaid.

Papers from financial experts Zolfo Cooper, which managed the previous administration of Allders Limited in 2005 and acted as liquidators of the company from 2006, revealed its creditors were only invited to a final winding up meeting on December 29 last year.

Twelve companies were tied into the collapse of Allders in 2005, including Allders Limited, Mainmel and ADS Property Services Limited.

A report from Zolfo Cooper stated £12m was owed to eight unsecured creditors and Barclay’s Bank, the group’s secured creditor.

A spokesman for Zolfo Cooper confirmed Allders Limited was officially wound up in April.

She said the existing Allders store and its problems were in no way connected with Allders Limited after the name was bought by entrepreneur Harold Tillman in 2005.