The former owner of a leading North East estate agency has been given an extra 12 months to find the £235,000 that he owed a director’s loan account at the time the company went into administration.
Duncan Young, who founded agency Sanderson Young in 1997, owes the money to the remaining creditors of his former company.
The business went into administration a year ago after being wound up by HMRC over unpaid taxes of £573,000, although in total it owed nearly £1 million to its creditors.
The three-branch business was bought out of administration by Duncan’s wife Alison and a new company, DG Young, established to run the revived estate agency chain.
But that was a year ago and the original company’s administrator RSM has now asked creditors for another 12 months to chase down Duncan Young (pictured) for payment of the £235,000.
He told local media that he was continuing to liaise with the administrators.
In February this year Duncan Young, who is non-exec chairman of the new company running the estate agency, looked to have the worst behind him after cutting costs at the business.
This included shutting down one branch, and relocating its flagship Alnwich branch to a smaller within the town.
It also recently claimed that the upmarket property markets it operates in near to Newcastle have seen rising lettings stock levels and speedier rentals. It has branches in the towns of Alnwick, Gosforth and Ponteland.