Stone Platt was a major engineering company. Administrative receivers were appointed on 18th March 1982. The company subsequently went into liquidation on 18th September 1995. When AABA made inquiries in November 2000, some eighteen and half years after the administration began, the insolvency had still not been finailised. Meanwhile, some creditors had died or been liquidated. But the insolvency practitioners are still raking in the pounds. From what we could find out, the receivers had raked in £191,716 and the liquidators had collected £43,659.
there is no end to insolvency in sight. There is no check on the longevity
of the receivership. Insolvency practitioners can take as long as they
like and continue to collect fees. Who said inefficiency is not rewarded!