PricewaterhouseCoopers is close to completing the sale of
collapsed plastics moving manufacturer, Global EPP, which may help
51 leasing creditors recover a collective loss of some £70m, a
lawyer source close to the case said.
Global Engineering Plastics Products went into administration at
the end of last year, and allegedly received several finance
agreements with several leasing companies for each piece of leased
equipment.
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A dispute has erupted among lessor creditors over ownership of
the assets. If one of the creditors, Venture Finance, which has a
floating charge over Global EPP’s assets, disputes the other
creditors’ entitlements, arbitration will occur following the sale,
the source said.
The Finance & Leasing Association (FLA) is hosting a legal
forum on June 10 which will examine issues arising out of Global
EPP, as well as other issues.
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