Squibb decision delayed

DemolitionNews understands that the creditors’ meeting that could decide the fate of Squibb Group has been pushed back by almost two weeks.

A virtual meeting was originally scheduled for on 9 November 2023. That meeting will now be opened and adjourned and creditors are not required to attend this. The adjourned decision date meeting will take place on Tuesday 21 November 2023 at 11 am

As we reported previously, the company owes more than £23.3 million to around 300 creditors. Unsecured creditors are owed £13.8 million.

Suppliers and subcontractors owed money are being asked to agree the CVA which could see payments of 65p in the pound on debts compared to receiving just 1p in the pound if Squibb goes into liquidation.

Three quarters or more in value of creditors need to agree for the CVA to pass.