The liquidator of the company behind the former Emoov business has revealed that the thousands of estate agency customers who had paid the company in advance for its sales service prior to tist demise are collectively owed £1.5 million.
Liquidator James Cowper Kreston says it has received claims from these customers for payment but, because they are deemed to be unsecured creditors, it is unlikely they will receive much or any of the funds they lost when Emoov Ltd when into administration two years ago.
The company went down owing nearly £15 million in total and its ‘secured’ and ‘preferential’ creditors are ahead of unsecured creditor as the liquidator attempts to redistribute the cash left over.
This totals some £456,000 approximately half of which has come from the money paid by Mashroom Ltd for the former Emoov’s website, IT and goodwill.
Mashroom has since relaunched the business with a newly-designed website, business model and management team.
It has also been revealed that the purchase of the old Emoov’s database agreed to pay additional fees to the liquidator although so far this has only generated £500.
James Cowper Kreston also says it has enough funds to pay preferential creditors, who include the many staff made redundant. These are to be paid £800 each plus any outstanding holiday pay, later this year.
But the true amount owed in pay, bonuses and other payments to former staff totals some £373,000, which has been covered by the government’s Redundancy Payments Service.