Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.

Plymouth estate agency collapse leaves creditor claims above £650,000

Creditor claims have climbed above £650,000 following the liquidation of the company that previously operated Plymouth estate agency Pilkington Estates. Pilkington Estates Ltd entered creditors' voluntary liquidation in August 2024, and two years on, creditors are still submitting new claims according to the latest liquidators' progress report.

HMRC claim and unsecured debts

The latest report from liquidators Brailey Hicks shows HMRC has submitted a claim for £393,311. The liquidators currently estimate HMRC will receive 12.73p in the pound, leaving around £346,000 of its claim unpaid.

Unsecured creditors face a worse position. Initial estimates put unsecured debts at £110,045, but claims have now reached £265,463, with further proofs of debt still arriving. The liquidators said: "At present it seems unlikely a dividend will be made available to unsecured creditors."

The liquidators expect to realise around £109,000 from the company's assets, though liquidation expenses are expected to account for approximately £65,000 of that.

Agency business sold for £60,000

Following the liquidation, South West Peninsula Real Estate Ltd (SWPRE) acquired the business and assets of Pilkington Estates Ltd for £60,000. The deal included offices in Sutton Harbour and Stoke, 12 members of staff and a portfolio of almost 300 properties.

The purchase price consisted of an initial £8,000 payment, £22,000 in deferred consideration and a further £30,000 payment. The liquidators report that SWPRE subsequently fell into arrears, and the parties have since agreed a revised payment arrangement. The liquidators received £28,500 during the past year, with the remaining balance due in November. SWPRE continues to trade using the Pilkington Estates name.

Director's loan repayments fall behind

The liquidators are also seeking to recover money relating to an overdrawn director's loan account. At the time of liquidation, sole director Jon Pilkington's loan account showed an overdrawn balance of more than £300,000. The liquidators accepted a £50,000 settlement payable over two years and had received £12,499 by the end of August. However, the report states Pilkington had fallen three months behind with repayments; a revised payment plan has now been agreed, with repayments restarting in December and running until May 2028.

What happens next

The liquidators say distributions to HMRC and the Redundancy Payments Service will depend on recovering the outstanding sums, alongside money still due from the sale of the business. They estimate the liquidation could take another two to three years to conclude.

When the company entered liquidation, Pilkington said the former business had suffered during and after the Covid pandemic, citing disrupted viewings, collapsed transactions, lengthy completion times and rising costs as factors affecting its finances.