Tuesday, 13 September 2011

Gill's debts revealed in administrator's report


Gill's debts revealed in administrator's report

Administrators for Gill’s Cruise Centre have revealed staff were owed £474,000 in wages when the firm went out of business.
The latest report on the collapse from Harrisons sets out the full list of creditors to the travel agency, including the largest, Complete Cruise Solution, which was owed £5.3 million.Royal Caribbean Cruise Line is listed as being owed £3.2 million and Fred OIsen Cruise Lines £689,000.
The report on the collapse of E & M Gill Ltd reveals some details about the latest accounts of the cruise specialist, which have not been made public in full to date. These show the firm recorded a gross profit loss of £311,710 in the year to September 2010, having recorded a profit of £349,468 in the previous year.
Directors’ remuneration and benefits was recorded as rising from £349,468 in 2009 to £771,378 in 2010 and turnover had risen from £8.92 million to £11.36 million.
The 2010 accounts, which were not filed at Companies House by the time the company failed in July, were said to have been included significant concerns raised by the firm’s auditor Elman Wall.
The report sets out the background to the failure stating “financial pressure” finally came to a head when Fred Olsen made a demand for unpaid balances.
The administrator states there are unsufficient funds to repay unsecured creditors and that, subject to any creditors pursuing a winding up order he intends to move to dissolve the company.