Estate agency’s administration to be extended for another year

A business site says an agency’s administration has been extended as insolvency specialists try to find its former owner to claim back over £235,000.

Business Live says Sanderson Young entered administration last September after it was served a winding-up notice by HMRC for failing to pay a tax bill.

It claims that when it collapsed the company owed nearly £1m to  creditors, including £573,000 in unpaid taxes. The site says this figure included an outstanding director’s loan account, overdrawn by £235,671 and used by the firm’s previous owner Duncan Young.

Nearly a year on, the company’s administrators RSM has won approval from the firm’s creditors to extend the administration period until September 26, 2020 in order to attempt to claim the money back from Young.

The website story states: “A spokesman for Sanderson Young said: ‘The former owner of the estate agency business continues to liaise with the administrators; it remains an ongoing situation and there is little more to add. Today’s Sanderson Young trades under new ownership.’”

And the site continues: “Despite Sanderson Young’s attempt to distance itself from Mr Young, the company still employs him as its chairman. Sanderson Young’s current managing director is Mr Young’s wife, Alison. She purchased Sanderson Young using a newly formed business called DG Young limited.”

You can see the story in full here.