Government’s housing agency set to receive just 7% of what it is owed
Administrators are close to wrapping up their work on Ilke Homes, the modular construction firm which went into administration last October with debts of more than £319m.
According to an administrators report, the few outstanding asset realisations that remain to be dealt with will likely be completed within the next six months.
As things stand, Homes England, the UK’s housing and regeneration agency and Ilke’s biggest single creditor, will recoup just over £5m from the administration - £4.9m from Ilke Homes Land Limited (IHLL) and another £100,000 from Ilke Homes Holdings Limited (IHHL).
That is around 7% of the £68.8m it is owed in total.
The administration process has seen Redlawn Land receive the entirety of the £7.7m it was owed by IHLL.
This money was a deferred payment connected to a deed of transfer relating to a parcel of land in Milton Keynes sold to Ilke by Redlawn, a joint venture between Milton Keynes Council and the housing association L&Q.
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Administrators facilitated the sale of this land to Dandara Northern Home Counties Limited last December for £11m, after which Redlawn was paid.
A total of £16,333 will be paid out to employees of IHLL, which is comprised entirely of unpaid holiday pay.
Unsecured creditors of IHLL will receive 800,000 of the £39m they are owed, while unsecured creditors of IHHL will receive just £29,000 of the £23.9m they are owed.
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