Injunctions have been slapped on three ex-Ward Evans directors to freeze their assets and stop them leaving the country.
Administrator Ernst & Young served the injunctions on 21 March to Michael Kenney, Alexander Dawson and Martin Ward after learning that the three intended to "relocate to other countries". Ernst & Young informed creditors on
31 March that the directors were planning to move to Spain, France and the US, respectively.
All three had placed their houses up for sale; the administrator was "unaware of any other significant assets"and so took action. The injunctions impose a number of restrictions on the directors. They cannot sell any assets, including properties; personal bank accounts are frozen; an affidavit is required with details of personal assets; and living expenses are restricted to £500 a week and legal expenses to £5,000.
According to information provided to Ernst & Young to date, Martin Ward says his gross assets are £58,000 and overall net liabilities are £16,000. Kenney has proposed an individual voluntary arrangement to pay creditors in full.
The administrator said: "However, the potential for a claim from Ward Evans has prevented the proposal being progressed. We have details of Michael Kenney's assets [£365,000, including a pension fund of £97,000] but not his liabilities."
No information has been received from Dawson, Ernst & Young added.
Creditors have been advised to pursue the directors, but with the risk of bankruptcy.