Firm's fall to cost millions

Hundreds of businesses owed money by a collapsed Co Antrim engineering firm will likely not receive any repayments, it has emerged.
Williams Industrial ServicesWilliams Industrial Services
Williams Industrial Services

Mallusk-based Williams Industrial Services (WIS) went into administration in February, with the loss of around 150 jobs.

And administrators PwC has revealed that Allied Irish Bank – which is owed £7m – would “suffer a significant shortfall” on their lending to WIS.

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It added that many firms – including many Northern Ireland companies owed money by WIS – are not expected to receive anything at all.

In its report lodged with Companies House, PwC outlined a breakdown of the firm’s assets, such as property, machinery and vehicles.

The administrator estimated that the company’s assets amount to around £5m at best.

The bank, as a secured creditor, is first in line to any funds raised from the disposal of assets.

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But, with the sale of assets not expected to discharge the debt owed to the bank, PwC warned: “We do not think there will be any funds available for unsecured creditors.”

This includes the scores of businesses owed money by WIS, including a Co Tyrone company which is owed over £760k.

When asked for a comment on how this could potentially impact on many of these businesses, a PwC spokesperson told the News Letter: “We do not comment on our clients’ affairs.”

At its height, WIS was one of the largest providers of environmental engineering technology on the island of Ireland.

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