MCE has £9.1m surplus to pay creditors, according to former CEO

Julian Edwards, MCE

One of the two shareholders and former CEO of failed specialist motorcycle broker MCE, Julian Edwards, has informed the administrators that he understands there to be a surplus of £9.1m that could be used to pay creditors.

In ‘a statement of affairs’ filed to Companies House on 9 November [but signed on 18 October] Edwards, pictured, outlined a ‘summary of assets’ based on the business’ management accounts from 23 June, which he noted was the latest available information to him.

This totals £14,427,000 of ‘book value’ assets including £7,596,000 of ‘accrud [sic] income’, £2,149,000 of ‘Sabre Ins debtors’, £1,350,000 of ‘investment property’ and £371,000 of ‘stock bike parts’.

£5.1m of liabilities

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