14.09.2006

Creditors meeting for Universal

KPMG, the administrators for Universal Aerial Platforms Ltd is holding a creditors meeting on September 21 at 10:00 am at its premises at 20 Farringdon Street, EC4A 4PP, London.

The information so far supplied to creditors has been poor at best, with no list if creditors circulated, while details of a fleet valuation that creditors have effectively paid for is being withheld.

It seems that profits from the three companies in the group totalled well over £1 million last year.

Negotiations are well progressed concerning the sale of the businesses including the Telecoms business, the British platform rental business and the Spanish lift business. details of these are unlikely to be disclosed or finalised until after the creditors meeting.

KPMG look set to scoop up to a £1 million from the administration process, having billed £470,000 for services provided within the first four weeks.

When an inspection of office equipment takes a senior manager 11 hours at £560 an hour, it is hardly surprising that the cost is so steep.

It looks as though the preferred creditors, which includes shareholder 3i, will be paid out, while unsecured creditors are likely to receive very little if anything..

KPMG also handled the Independent Access adminstration, another business in which 3i was a shareholder. The handling of that process was roundly critiscised, particularly by those who expressed an interest in acquiring the business.

Vertikal Comment

If you are a creditor no matter how small we would strongly recommend that you turn up at their offices next Thursday or send a proxy and ask a few difficult questions.

Our Personal experience shows that KPMG administrators are one of the most appalling communicators. This in a role that requires exceptional communication skills if it to be performed well.

The administrators have apparently not responded to a number of requests for copies of the prospectus from interested parties, nor bothered to avail themselves of any industry experience in order to maximise value for those creditors who might be in line to loose real money from this administration.

It is a disgrace