Case Study 1: CF Hewerdine Ltd – in Liquidation

Proudley Associates exceeded client’s expected asset realisations by 12%

What was the job?

In January 2014, we were instructed by Moore Stephens LLP, the Liquidators of CF Hewerdine Ltd, to provide a valuation of the company’s assets and to assist generally with regard to the affairs of the business. We were required to secure, value and sell over 500 Wheelchairs and Mobility Scooters, Office Furniture and Warehouse Equipment, Stock and Vehicles, both owned and subject to finance.

What were the problems?

• The main problem for the Liquidator was that a large proportion of the wheelchair, scooters and spares stock was subject to retention of title by suppliers.
• There were also a number of chairs and scooters owned by customers, who needed to be identified and contacted in order to collect their assets.
• The company also had significant book debts with disputed invoices concerning the delivery and location of goods.
• There were 16 vehicles on the various sites, 8 owned, and 8 subject to finance. These vehicles had to be valued, outstanding finance calculated, and either sold or returned to their relevant finance companies.
• These assets were spread out over 6 different properties, all of which needed securing and various measures taken to fulfill insurance requirements.

How did we solve them?

• We physically inspected the assets lying at all six sites and produced an asset schedule.
• We then valued the assets and produced a comprehensive valuation report
• We worked with the Directors of the Company and the Suppliers in order to identify stock subject to valid Retention of Title and supervise clearance.
• We helped reconcile the debtor ledger against payments received and assisted the Liquidators by resolving issues concerning disputed invoices with customers.
• We identified customer wheelchairs and contacted them to arrange collection.
• We liaised with finance companies, calculated equity and arranged sale or return of the vehicles
• We organised property valuations in order that the Liquidators could make a decision regarding the leases.
• We liaised with various interested parties, which enabled us to sell all of the remaining assets by Private Treaty realizing 12% more than originally expected.

Contact us by email or call 01425 200 366 for our expert asset valuation and realisation services.


Case Study 2: South East Trenching Ltd – in Liquidation

Proudley Associates achieved £½m asset realisations through UK & international marketing campaign

What was the job?

In January 2014, we were instructed by MLG Associates to provide an open market valuation to assist with a solvent liquidation of a large quantity of Contractors Plant and Drilling Rigs, owned by South East Trenching Ltd. We provided a valuation and presented various disposal options for the assets. The Liquidator agreed that Online Auction would be the best method to achieve the highest possible realisations.

What were the problems?

• The assets were located at several sites across the South
• The assets were not secured, and at risk of theft or damage
• There were three Vermeer Directional Drilling Rigs, which were extremely specialist machines.

How did we solve them?

• We produced an asset register and valuation report
• We assisted in relocation and recovery of assets from various sites across the South to a central site.
• We organised 24-hour site security in order to comply with insurance regulations.
• We produced an extensive international marketing campaign to over 50,000 relevant contacts, which brought in buyers from Ireland, Germany and Poland.
• We advertised in the main plant and machinery auction publications and sent an email campaign to our own dealer contacts.
• We achieved realisations in the region of £500,000
• We cleared the site of all assets, rubbish to the Landlords satisfaction.

Contact us by email or call 01425 200 366 for our expert asset valuation and realisation services.