PULTEC LIMITED - Statement of administrator's proposals

Form: 2.17B - Statement of administrator's proposals

STATEMENT OF ADMINISTRATOR'S PROPOSALS:LIQ. CASE NO.1

Filed on: 20 Jun 2011

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Rule #.##
The Insolvency Act ####
Form #.##B l
@@PY #.##B
Name of Company
Pullec Lrmrted
Company number
########
Statement of administrator’s proposals
In the
Hrgh Court of Justrce, Chancery Drvrsron,
Brlstol Drstrrct Reglstry
Court case number
### of ####
(full name of court) V
(a) Insert full
name(s) and
address(es) of
I/We (a)
RSM Tenon Recovery
administrate!#r(s) Fii'#t Flggr
Davrdson House
Readrng
Berks RG# #EU
*Delete as
applicable
Robert Chrrstopher Keyes
Paul Wrllram Ellrson
RSM Tenon Recovery
First Floor
Davrdson House
Readrng
Berks RG# #EU
attach a copy of *my/our proposals in respect of the administratrix of the above company
A copy of these proposals was sent to all known creditors on
(b) # June ####
Srgned
Dated
/\
ll,
\/
#
Jornt Administrator(§)
QQ?//#
Contact Details:
You do not have to give any contact
information in the box opposite but if
you do, rt will help Companies House to
contact you if there is a query on the
form
The contact information that you give
will be variable to researchers of the
public record
Emllllllllllllllllllll
ASKRMUVZ
A## ##/OE/### # ##
cow-pat\es HOUSE
Ben Brrscoe
RSM Tenon Recovery
Frrst Floor
Davrdson House
Readrng
Berks RG# #EU
#### #######
DX Number DX Exchange
When you have completed and signed this form, please send rt to the
Registrar of Companies at-
Companies House, Crown Way, Cardiff CF## #UZ DX ##### Cardiff

RSM Tenon
‘ ' RSM Tenon Recovery
Pnvate and condensate First Floor, Davidson House, Readrng, Berks RG# SEU
T ###########
TO ALL MEMBERS AND CREDITORS F #### #######
WWW retention com
Our Ref RCK/PWE/VC/BB/#######/ADM## USE
Your Ref
# June ####
When telephoning or emailing please contact Ben Briscoe on #### ### #### or Ben bristle@retention com
Dear Srrs
Pultec Limited (“the Company”) - In Administration
Address: Pultec House, Southway Drrve, Warmley, Bristol, BS## #LW
I previously wrote to you on ## Aprrl #### advertisimg you that Paul Wrllram Ellrson and I were appointed Jornt
Admrnrstrators of the Company on ## Aprrl #### I now enclose
# A statement setting out our formal proposals for achieving the objective of the administratrix (The report also
includes, as required by the Rules, details of our pre-administration costs, although these do not form part of
our proposals) Copres of these proposals have been tiled with the Regrstrar of Companies and are being
sent to all members and creditors of the company Our proposals Include information about the background
to the administratrix, actions we have taken, a summary of the Company’s statutory information and details of
the Company’s estimated financial position as at the date of administratrix which is known as a Statement of
Affarrs
# A proof of debt form for you to submit a claim in the administratrix
The proposals state that the financial positron of the Company is such that there are insufficiency assets to enable a
dividend to be paid to creditors (other than those with preferential claims) other than by virtue of the prescribed
part In such circumstances, in accordance with paragraph ##(#)(b) of Schedule B# of the Insolvency Act ####, I
am not required to hold a meeting of creditors and do not intend to do so However, creditors whose debts
amount to at least ##% of the total debts of the Company can require me to convene a meeting Such a request
must be made to me on Form # ##B wrthrn # business days of the date of this letter
The proposals Include information about the basis on which the Jornt Admrnrstrators are to be paid and their
expenses met, but in view of the Hnancral position of the company rt will be for the secured {and preferential}
creditors to approve our remuneration Please go to http //vvvvvvrsmtenon com/creditworthiness and click on
‘Remuneratron Gurdelmes Admrnrstratron (post # Aprrl ####)’ if you require further information relating to
Adm#administrator’s Remuneration Thrs guide also gives important information about Creditors’ Rrghts Alternatively a
copy is available free of charge upon request from the address above
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If the debt owed to you by the Company is over six months old, you may be able to recover the VAT element of
the debt from HM Revenue & Customs under the VAT bad debt provisionals in the VAT legislation For more
information please contact your local VAT office
Yours faithfully
For and on behalf of
Pultec Lrmrted - In Admrnrstratron
f\ I
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\/!
#
Robert Christopher Keyes
Jornt Admrnrstrator
Licensed in the Un/Ted Kingdom to act as an solvency practionable by the Insolvency Practitioners Assocratron
The affairs, business and property of the Company are being managed by the Admrnrstrators
Enclosures
> Proposals include the following Appendrces
Appendix I Statutory Information
Appendix Ii Statement of Affarrs
Appendrx Ill Administrators‘ Remuneratron & Disbursements
Appendrx IV Admin#stators‘ Recerpts & Payments account
Appendrx V Pre Admrnrstratron costs
> Proof of debt
> CreditorQuestionnaire
> Form # ##B
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Joint Administrators’ Proposals relating to
Pultec Limited (“the Company”) - In Administration
Issued on: # June ####

Robert Christopher Keyes of RSM Tenon Recovery and Paul William Ellison of RSM Tenon
Recovery are the Joint Administrators of the Company and these are the Joint Administrators'
statutory proposals relating to the Company
# . Statutory Information
Statutory information relating to the Company is attached at Appendix I
#. Circumstances leading to the appointment of the Joint Administrators
The company was formed in #### under its mongrel name, Lrndman Fenestratron Lrmrted The
parent company of Pultec was Lrndman Lrmrted who returned the opportunity to develop a
GRP window for the UK market
The IDIIIBI production plant was commissioned, stock received, and processing and
accreditation processes commenced and the product was then launched in #### In #### the
company moved to new premises and sales grew for the next few years The company
secured some contracts under the BSF scheme (Building schools for the future) This
programme was however d husbanded in #### and projects were therefore cancelled
The accounts for the period ended ## ## ## disclose that, in line with the above statement the
company returned a loss of £# # M on reduced turnover of £# #M In order to turn around the
company's fortunes and in an attempt to replace the lost turnover new management was
introduced, the product re branded and overheads reduced
In #### a new product and sales brochure were launched and more orders secured However
the accumulated losses and fixed overhead structure, was such that the company continued
to make losses and became increasingly reliant on capital injections from investors
Notwithstanding the fact that future forecasts indicated turnover of circa E#m the underlying
profitably was still in question, given the overhead structure in place Further cash calls were
made from the investors who then duly sought advice as to the vrabrlrty of any further
If`l]€CfIOf`ls The advice received suggested that further cash electrons wold be at risk This
left the company with little alternative but to consult RSM Tenon to commence the process to
place the company into Administration
A summary of the Company’s recent trading performance is shown below
Mgmt Accts Draft Accts to Statutory Accts Statutory
to ## ##.## ##.##.## to ##.## ## Accts to
£’### £’### £’### ##.## ##
£’###
Turnover ### #### #,### #,###
Cost of Sales ### (#,###) (#,###) (#,###)
Gross Profit ## ### ### ###
Gross Prom % ## # ## ##
Overheads ### (#,###) (#,###) (#,###)
Net Profit I (Loss) (##) (#,###) (###) (###)
after tax

I was neutrally approached by the Company’s primary investor on ## March to review the
meets of a further injection of cash into the business following a recent request by
management
Shortly after my meeting with the investor I then met with some of the management team to
review the Company’s trading history and forecast profitably
The conclusion reached was that any further investment was unlikely to be recovered in the
short to medium term
I believed that the longer-term profitably of the business was at risk without further
investment and therefore believed that the board should consider putting the business up for
a trade sale
RSM Tenon’s mergers and acquisitions department was engaged to market the business for
sale Following an extensive marketing campaign a buyer was not found
In the absence of any substantial investment, which was now not going to happen and without
a committed purchaser, the Board had little alternative other than to consider placing the
Company into Administration
On ## Aprrl ####, Paul Wrllram Ellrson and I were appointed by the directors of the Company
as Joint Administrators of the Company The appointment permitted the Jornt Administrators
to take any actions required either jointly or alone
#. Objectives of the Administration of the Company and the Joint Administrators’
strategy for achieving them
The purpose of an Admrnrstratlon is to achieve one of the three hierarchical objectives set out
in the insolvency legislation, which are to
(a) rescue the company as a going concern, or
(b) achieve a better result for the company's creditors as a whole than would be likely
if the company were wound up (without first being in Admrnrstratron), or
(c) realise property In order to make a distributional to one or more secured or
preferential creditors
Shortly prior to my appointment an offer was received for the shares of the Company The
offer was not accepted given the conditions attached to rt
As a result, objective (a) could not be achieved and the nature of the Company’s trading and
tits Pancras ccircumstances meant that a Company Voluntary Arrangement (‘CVA’) was not
appropriate
As a result I am seeking to achieve option (b) by trading the business on neutrally In an attempt
to sell the business on as a going concern or by attracting a better offer for the business
either in whole or in part
The Insolvency Iegrslatron has set a ## month maximum duration for Admrnrstratrons, unless
the duration is extended by the Court or the creditors If I am unable to complete the
Admrnrstratron of the Company wrthrn ## months then I will either apply to the Court, or hold a
meeting of creditors, in order to seek approval to extending the duration of the Admrnrstratron

To give creditors an indication of the trading positron, I set out below the headline trading
#. Actions of the Jornt Administrators following appointment
As stated above, following my appointment the decision was taken to trade the business on
Given that the Company is the only producer of GRP product in the marketplace, the majority
of the contractors requested that we continue to produce their orders
The contractors willingness to take the product provided me with the abrupt nOT only to
continue to market the business for sale but also to maximise debtor recoveries which would
have been significantly reduced if trading did not take place, as contracted claims for latent
defects and liquidated damages would almost certainly have arisen
At the time of this report, I can confirm that trading still continues It is anticipated that we will
cease trading on or around ## June
In terms of funding for the period of trading, no overdraft facility was required as the majority
of the contractors paid in advance for completion of product as well as settling their existing
debts with the Company
figures
£ £
Turnover
Sales ###,###
Sundry Income #,###
###,###
Cost of Sales
Opening Stock of Raw Matenals #
Materials #,###
Direct Costs #,###
Wages & Salaries (ex N I ) ##,###
Employer’s NI Contributions #,###
##,###
Closing Stock # ##
(##,###)
Gross Profit ###,###
Administrative Expenses ##,###
Operation Profit I (Loss) ##,###
I am pleased to confirm that there was not only a trading surplus recorded but as stated
above trading has enabled me to maximise realisation of the debtors ledger
#. Financial Position of the Company
I have asked the directors to prepare a summary of the Company’s estimated Gnancral
positron as at ## Aprrl ####, which is known as a Statement of Affairs, but they have not yet
prepared rt
In the Monterrey period, I have prepared an estimate of the financial positron of the Company as
at ## Aprrl #### from the records of the Company, and that is attached at Appendix II,
together with a list of names and addresses of all known creditors, and the amounts of their
debts

#.#. Book Debts & Retentrons
Followlng my appointment I instructed Leslie Keats #. Co, Quantity Surveyors to assist with
the collection of the company’s debts and completion of work in progress The collections
made from debtors to date total £###,### and rt is anticipated that further collections will be
made
No relationship are expected in respect of retentions
#.#. Plant and Machinery (‘P&M’) & Furniture and Equipment (‘F&E’)
The Company’s P&M and F&E were valued by our instructed independent valuation agents,
Richard Birch #. Co, on both a going concern and forced sale basis The forced sale values
were £##,### and £#,### respectively
#.#. Motor Vehicles
The company owned several motor vehicles These were valued by Richard Birch #. Co and
have an estimated to realise value of £#,###
#.#. Stock
The stock has a book value of £###,### but we have utilised rt dung tdaring and the
estimated to realise figure represents the value of the stock converted
# # Preferential Creditors
The only known preferential creditors are former employees of the Company for unpaid
wages and holiday pay Their claims are subject to a maximum llama set by the insolvency
Ieglslatlon
#.#. Prescribed Part
There are provisions of the insolvency legislation that require an Admrnlstrator to set aside a
percentage of a Company’s assets for the benefit of the unsecured creditors in cases where
the Company gave a “floating charge” over its assets to a lender on or after ## September
#### This is known as the “prescribed part of the net property ” A Company’s net property is
that left after paying the preferential creditors and costs and expenses of the administration,
but before paying the lender who holds a floating charge An Admrnrstrator has to set aside
o ##% of the first £##,### of the net property, and
~ ##% of the remaining net property up to a maximum of £###,###
The Company granted a floating charge to Coutts Sr Co on ## March #### and the prescribed
part provisions will apply The Admrnrstrator’s estimate of the financial position of the
Company shows that the net property of the Company is £###,###, and I estimate that the
prescribed part of the net property for unsecured creditors is £###,### However, these
estimates do not take into account the costs of the Administration which will reduce the
amount of the Company’s net property
#. Joint Administrators’ Receipts and Payments Account
I attach a summary of my receipts and payments relating to the Company for the period from
when rt entered Admlnrstratron, ## Aprrl ####, to the date of these proposals, at Appendix IV
The relationship to date are from both debtors and the completion of work in progress These
collections are ongoing
Leslle Keats & co were instructed to assist with the collection of debtors due to the specialist

nature of the debts and work in progress and their experience In this area Their fees will be
based on a percentage of the recoveries from debtors
Richard Birch #. Co were instructed to carry out a valuation of the company’s plant and
machinery, furniture and equipment and motor vehicles Their fees are based on a
percentage of relationship from the sale of these assets
Boyes Turner solicitors have also been instructed to assist with legal matters including a
review of the legal positron with the trade mark and the agreement of retention of title claims
Their fees are on a time cost basis with no uplift Details of costs incurred are monitored on a
monthly basis At the time of writing this report, the work undertaken by the solicitors in
informal
The choice of professionals was based on perception of their experience and abrupt to
perform thus type of work, the complexity and nature of the assignment and the basis of the
Administrators’ fee arrangement with them
#. Proposed Future Actions of the Joint Administrators to Achieve the Objective
of the Administration
In order to achieve the objective of the Administration of the Company I propose to continue
to trade the business on, as mentioned above I expect to complete the current work in
progress on or around ## June
Whrle trading continues the business is still marketed although rt is highly unlikely that a buyer
will be found to acquire the business as a going concern
Accordingly, offers will be related to acquire the constituent parts of the business in whole or
in part
The trading period continues to be self-financing
#. Meeting of Creditors
I am not convening a meeting of creditors as in the Admrnrstrators’ open-plan the company has
insufficient property to enable a distribution to be made to unsecured creditors other than by
virtue of the prescribed part
However, creditors whose debts amount to at least ##% of the total debts of the company can
require me to call a meeting Such a request must be made to me on Form # ##B wrthrn #
business days of the date of the letter accompanying these proposals
If creditors do not require me to convene a meeting of creditors wrthrn that time period, then
my proposals will be deemed to have been approved
Creditors are also entitled at a meeting of creditors to establish a Creditors' Committee should
they so wish, provided that there are no fewer than three and no more than rive wishing to be
represented on the Committee
#. Pre-Administration Costs
Before a company enters into any form of insolvency proceedings, professional costs are
necessarily incurred in order to ensure that-
~ The most appropriate form of proceedings is chosen, ID the interests of creditors and

» To deal with the mechanics of rnrtlatrng the proceedings and appointing an insolvency
practitioner
The basis on which these costs are to be paid varies according to the insolvency procedure
adopted In the case of a company entering into Admrnrstratron, the Admrnrstrator must make
a ‘Statement of Pre-Admlnrstratron Costs’, the content of which is prescribed by the
Insolvency Rules, and seek approval for their payment from the secured creditor of the
company
My statement of Pre-Administration costs is set out at Appendix III and the total time costs
amount to £##,###
##. Joint Administrators’ Remuneration and Expenses
I propose that our fees will be charged by reference to the time properly spent by us and our
staff in dealing with the matters relating to the Administration of the Company This time will
be charged at the hourly charge out rate of the grade of staff undertaking the work at the time
the work is undertaken information about current charge out rates is set out in Appendix III
I also propose that we are permitted to charge what are known as category # expenses
information about category # expenses is also set out in Appendix III
The approval of the basis of our remuneration and category # expenses forms part of these
proposals, for which approval is being sought, but if a creditors’ committee is appointed at the
forthcoming meeting of creditors then I will seek approval from that committee IDSf€#d
To the date this report is prepared, my time costs amount to £##,### ##, representing ### ##
hours work, at an average charge out rate of £### ## Appendix III contains information
about remuneration and expenses, include the total time spent on the affairs of the
Company for the period from when It entered Administration, ## Aprrl ####, to the date of
these proposals, and the cost of that time based on the charge out rates of the staff
undertaking the work Creditors should note that given the highly contractual nature of this
business rt has been necessary to expend considerable time (at senior level) in the following
areas which specifically include but are not limited to the following -
- Employees
- Retention of Title claims
- Contracts
- General trading
- Sale of business/assets
The proposals include terms setting out the basis on which the Joint Admrnrstrators are to be
paid and their expenses met Creditors are also being asked to consider whether to approve
payment of the Joint Admrnrstrators pre-administration costs out of the assets of the company
as an expense of the administratrix Please go to http //wove retention com/creditworthiness
and click on ‘Remuneration Guidelines Administration (post # Aprrl ####)’ if you require
further information relating to Administrator’s Remuneration The Guide also gives important
information concerning Creditors' Rights Alternatively a copy is available free of charge upon
request from the address below
##. Discharge from liability
We will, in accordance with legislation, be seeking an order of court for discharge from Irabrlrty
in respect of any action of ours as Admrnrstrators to take effect at the conclusion of the
Admlnlstratlon

##. Joint Ad administrators’ Investigations
I have a duty to consider the conduct of those who have been directors of the Company at
any time in the three years preceding the Admrmstratron I am also required to investigate the
affairs of the Company in general in order to consider whether any clove proceedings should
be taken on its behalf I should be pleased to receive from you any information you have that
you consider will assist me in this duty I would stress that this request for information forms
part of my normal investigation procedure
##. EC Regulation on Insolvency Proceedings
I consider that the EC Regulation on Insolvency Proceedings applies and that these are
“main" proceedings as defined in Article # of the EC Regulations as the centre of main
interest of the company IS in England and Wales
##. Joint Administrators’ Proposals
In order to achieve the objective set out at Section # above, Robert Christopher Keyes and
Paul Wrllram Ellison of RSM Tenon Recovery, the Joint Administrators formally propose to
creditors that
(a) they continue to manage the business, affairs and property of the Company in
order to achieve the purpose of the Administration In particular that they
(l) continue to trade the business to arsenal the estrange Work-In-Progress
and maximise the debtor relationship, which continuing to market the
business and prepare assets for a sale as a whole or on a break-up
basis,
(ll) sell the Company’s assets at such time(s) on such terms as they
consider appropriate,
(III) ll'IV€SfIQBf€ and, if appropriate, pursue any claims that the Company may
have against any person, firm or company whether in contract or
otherwise, including any officer or former officer of the Company or any
person, firm or company which supplies or has supplied goods or
services to the Company, and
(iv) do all such things and generally exercise all their powers as
Administrators as they in their discretion consider desirable or expedient
in order to achieve the purpose of the administration or protect and
preen/e the assets of the Company or maximise the reallocation's of
those assets, or of any purpose incidental to these proposals
(b) if there are funds available to be distributed to the unsecured creditors, the
company exits the Administration by way of a Creditors Voluntary Lrqurdatron,
and that Robert Christopher Keyes and Paul Wrllram Ellison are appointed the
Joint Liquidators of the Company, and that they will act jointly and severally in
their duties Creditors may nominate a different person(s) as the proposed
Iiquidator(s), but must make the nomination(s) at any time after receipt of these
proposals, but before they are approved information about the approval of the
proposals is set out at Section ##
(c) if there are no funds available for distribution to the unsecured creditors, the
company exits Administration by way of dissolution

(d) they shall be authorised to draw their remuneration by reference to time
properly spent by them and their staff in dealing with matters relating to the
Admrnrstratron of the Company, such time to be charged at the hourly charge
out rate of the grade of staff undertaking the work at the time rt was undertaken
Details of the current charge out rates for the Joint Administrators and their
staff are outlined in Appendix III of these proposals
such remuneration to be paid out of the assets of the company and drawn on
account as and when funds permit without any further recourse to creditors
(e) they be authorised to draw category # expenses as outlined In Appendix III of
these proposals
## Further Information
Should you require any further information relating to these proposals or the Administration of
the Company please do not hesitate to contact Vikki Claridge on the telephone number
shown in the covering letter enclosing these proposals
f\
I I
I
#
Robert Christopher Keyes
Joint Administrator
Licensed in the Unrted Kingdom to act as an Insolvency practitioner by the Insolvency Practitioners Assoc/at/on
The affairs, business and property of the Company are being managed by the Administrators

Company Information
Company Name
Previous Name
Tradrng Name
Company Number
Date of Incorporation
Trading Address
Current Registered Office
Former Registered Office
Prrnclpal Trading Actlvlty
Appointment details
Date of Appointment
Appointment made by
Court Name and Reference
Administrators Appointed
Officers of the company
Name
Russell K Baker
Phlllp Pollock
Martin A Roberts
Henry D Langer
A Youd
Company Secretary:
Henry D Langer
Appendix I
Pultec Llmlted
Lrndman Fenestratron Limited - changed on ## July ####
None
########
# July ####
Pultec House, Southway Drive, Warmley, Bristol, BS## #LW
RSM Tenon Recovery, Davidson House, Forbury Square,
Reading, Berkshire, RG# #EU
Pultec House, Southway Drive, Warmley, Bristol, BS## #LW
Manufacture of double glazed windows
## Aprrl ### #
Directors
Bnstol District Registry No ### of ####
Robert Christopher Keyes
IP Number ####
Paul Wrllram Ellison
IP Number ####
Shareholdlng
#
##,###
###
#,###
#
ADMO###i

Share Capital
Authorised Allotted, called up and fully paid
##,### Ordinary shares of £# each ##,### Ordinary shares of £# each
#,### Preference shares of £# each #,### Preference shares of £# each
Charges
Debenture dated ## March #### in favour of Coutts & Co
ADM####i

Appendix II
Joint Administrators' Estimate of the Financial
Position of the Company
as at ## April ####

Pultec Llmlted
Estimated Statement of Affairs as at ## April ####
Book Value Estimated to Reallse
E C £ E
Assets specifically charged
Goodwill Nrl Uncertain
Less Coutts & Co (###,###) (###,###)
(###,###) (###,###)
Assets not specifically charged
DebtorsNVIP ###,### ###,###
Retentrons ##,### Nrl
Leasehold Improvements ##,### Nrl
Plant & Machinery ###,### ##,###
Furniture & Equipment #,### #,###
Motor Vehicles #.### #,###
Bond Deposit ##,### ##,###
Other debtors #.### Nrl
Computers #.### Nrl
Prepayments ###,### Nrl
Stock ###,### ###,###
Vat refund #,### #,###
#,###,### ###,###
Estimated total assets available for preferential creditors ###,###
Less Preferential Creditors
Employees - wages and holiday pay (##,###)
Estimated (SuroIus)IDeIiclenor as Regards Preferential Creditors ###,###
Less Estimated Prescribed Part of net Properly (###,###)
###,###
Less Debts secured by floating charges bid (###,###)
Estimated Surplus/ (Dencrengy) after hoarding charges (###,###)
Prescnbed part of net property bought down ###,###
Assets available to unsecured creditors ###,###
Unsecured Creditors
Trade & Expense ###,###
Accurals ###.###
HM Revenue & Customs ##,###
Bank loans and overdrafts ###,###
Finance leases #.###
Shareholders loans #,###,###
(#,###,###)
Estimated deficient as regards creditors (#.###.###)
Issued and called up capital ##.### ##
Estimated total deficient as Qgards Members (#.###.###)
NOTE This Statement of Affairs does not account for the costs of wlndlng-up or account for the expenses
incurred during the trading period (please refer to the main report for further Information)

Appendix III
information relating to
Joint Administrators’ Remuneration
and Expenses

Appendix III
Information relating to the Joint Administrators’ Fees and Expenses
Overview of Case
#.#. Appointment
We were appointed Joint Administrators on ## Aprrl #### following an application by the
Company
#.# Strategy
As detailed in the main body of this report, I have continued to trade the business during
the Administration period whilst marketing the business as going concern and maxrmrsrng
debtor contributions Trading has been self-financing and rt is expected that this will come
to an end on or around the ## June ####
#.#. Staffing
Robert Keyes IS the lead appointment taker in this matter
Vrkkr Claridge, Manager, and Ben Briscoe, Administrator, will be dealing with the day-to-
day administration matters in this case
#.#. Anticipated return to creditors
Based on the present information available to us, we would anticipate that preferential
creditors would be paid in full In addition, we would expect the secured creditor, Coutts &
Co, to receive a return under their figuration charge
A dividend to unsecured creditors will be made available under the provisions of the
Prescribed Part only

Explanation of office-holders charging and disbursement recovery policies
# #. Time recording
Work undertaken on cases IS recorded in # minute units in an electronic time recording
system Time properly incurred on cases is charged at the hourly rate of the grade of
staff undertaking the work that applies at the time the work is done The current hourly
charge out rates are
Rate since # January ####
E
Director and licensed Insolvency Practitioner ###
Senior Manager ###
Manager ###
Supervisor ###
Other senior professional ###
Cashler ###
Support ##
#.#. Disbursement recovery
Disbursements are categorised as either Category # or Category #
Category # disbursements will generally comprise external supplies of incidental den/ices
specifically identifiable to the case Where these have neutrally been paid by RSM Tenon
Recovery and then recharged to the case, approval from creditors is not required The
amount recharged is the exact amount incurred Examples of Category # expenses are
postage, case advertising, specific bond Insurance, company search fees, invoiced travel
and properly reimbursed expenses incurred by personnel in connection with the case
Also included will be sentences specific to the case where these cannot practically be
provided internally such as printing, room hire and document storage
Category # disbursements include elements of shared or allocated costs incurred by RSM
Tenon Recovery and recharged to the estate, they are not attributed to the estate by a
third party Invoice andiron they may include a profit element These disbursements are
recoverable in full, subject to the basis of the disbursement charge being approved by
creditors in advance Examples of category # disbursements are photocopying, internal
room hire, and Internal storage
It is proposed that the following Category # disbursements are recovered by RSM Tenon
Recovery
£
Room hire ##
Paper (photocopies per sheet) # ##
External Storage (per box) ##
The costs recharged are based upon the actual cost of the materials used or the costs
which would have been incurred if that SSFVICS had been sourced externally

# Description of work carried out
Section # of this appendix outlines the time costs to date in relation to actresses uundertaken
during this matter These matters can be summarised as follows
#.#. Pre-appointment
Full details of our pre-appointment costs are set out separately in Appendix V
#.# Administration and planning
The following activities have been undertaken
> Statutory duties associated with the appointment include the helm of relevant notices,
> Notlfrcatron of the appointment to creditors, members, employees and other interested
parties,
> Setting up case tiles,
> Reviewing available information to determine appropriate strategy,
> Setting up and martingale ban acounts,
Staff of different levels were involved in the above actresses dpending upin the
experience required
#.#. Realrsation of assets
Please refer to the main body of the report but in summary the time spent includes
> Liaison with solicitors and agents,
> Correspondence and meetings with interested parties,
> Monitoring and chasing of deposits
> Agreement of contracts
As mentioned in the main body of the report, rt IS anticipated that trading will cease on or
around ## June #### As rt is unlikely that a sale will be completed on a going concern
basis, rt is likely that offers will be related to acquire the constituent parts of the business
in whole or in part
Staff were chosen depending upon the appropriate level of experience required for the
activity they were required to undertake The sale of the business was particularly
complex and required extensive involvement of the Administrators and den lot staff
#.# Trading
As mentioned previously, the business has continued to trade for a since the date of my
appointment and continues to trade as at the date of the report, with cessation of trade
likely to be on or around ## June ####
Trading artlessness included,
> Planning appropriate trading strategy,
> Lrarson with employees,
> Dealing with suppliers,
> Contact and negotiation with customers,
> Authorisation of commitments,
> Review of trading positron,
> Paying suppliers,
> [List others - otherwise ddelete]
Staff were chosen depending upon the appropriate level of experience required for the
activity they were required to undertake

#.#. Creditors
The time spent includes the following matters
> Recording and martingale the list of creditors,
> Dealing with employee related matters,
> Dealing with retention of title claims,
> Recording creditor claims
> Reporting to creditors,
> Dealing with creditor queries,
> Revrewrng and evaluating creditor claims,
Staff were chosen depending upon the appropriate level of experience required for the
activity they were required to undertake

#. Time and charge out summary
To date a total of ### # hours have been spent at an average charge out rate of £### ##
bnngrng the total cost to date to £##,### ##
A summary table is shown below
PULTEC LIMITED -IN ADMINISTRATION
JOINT ADMINISTRATORS TIME COSTS FOR THE PERIOD ## APRIL #### TO # JUNE ####
SIP # TIME SUMMARY
Hours
Classification of Assistants Total Cost Average
work function Director Manager Other Senior and Total hours £ hourly rate
professionals support £
staff
Admlnlstratron and
Planning
Administration and # ## ## ## ## ## #,### ## ### ##
Planning
Statutory Reporting # ## # ## ## ## #,### ## ### ##
Investigations
Investigations
Directors' Investigations
CDDA Reporting
Tradlng ## ## ## ## ## ## ## ## ##,### O# ### ##
Creditors
Cf°°“‘°" # so a po # so ## ## #.### po ### so
E"‘P'°Yee$ # ## # ## #,### po ### po
Retention
°f T'“°’ # so # so ## po #,### po ### ##
Third party assets
Realrsatron of
Assets
Realrsatron of assets ## ## # ## ## ## #,### ## ### ##
Book debt collection
Other
Total hours ## ## ## ## ## ## ### ##
Total costs ##,### ## #,### ## ##,### ## ##,### ##
The above costs exclude VAT

Disbursements
#.#. Category #
Category # disbursements incurred are outlined below
incurred Pald
£ £
Statutory advertising ## ##
Mileage ### ##
Insurance TBC
Bond Premium TBC
Total
The above costs exclude VAT
#.#. Category # disbursements
No Catergory # disbursements have been incurred or paid to date

Appendix IV
Joint Administrators’
Receipts and Payments Account

Pultec Limited
(In Administration)
Joint Administrators' Trading Account
To ##/##/####
S of A £ £ £
POST APPOINTMENT SALES
###,### ## Debtors I Work-In-Progress ###,### ##
i°`“#° ###.### ##
PURCHASES
Purchases (#) #,### ##
"' (#,### ##)
OTHER DIRECT COSTS
Direct Labour ##,### ##
Direct Expenses #,### ##
*"T*" (##,### ##)
TRADING EXPENDITURE
Telephone ### ##
Overdraft Interest ## ##
""-' (### ##)
###,###.## TRADING SURPLUSI(DEFICIT) ###,###.##
Page # of# IPS SQL Ver # ## ## June #### ## ##

Pultec Limited
(In Administration)
Joint Administrators' Abstract of Receipts & Payments
To ##/##/####
S of A £ £ £
ASSET REALISATIONS
##,### ## Plant & Machinery NIL
#,### ## Furniture & Equipment NIL
#,### ## Motor Vehicles NIL
##,### ## Bond Deposit NIL
###,### ## Stock NIL
#,### ## VAT Refund NIL
###,### ## Trading SurplusI(Deficit) ###,### ##
“”*#` ###,### ##
COST OF ADMINISTRATION
I Bank Charges ### O#
` l°’T (### ##)
###,###.## ###,###.##
REPRESENTED BY
VAT Receivable ### ##
Bank # - Current ###,### ##
###,###.##
Note
I
I
I
I Page # of # IPS SQL Ver # ## ## June #### ## ##
I

Appendix V
Statement of Pre-Administration Costs

Appendix V
Statement of Pre-Administration Costs
Pre-Admrnrstratron costs are defined as fees charged and expenses incurred by the Admrnrstrators or
their firm, or another person qualified to act as an Insolvency Practrtroner, before the company
entered Admrnrstratron but with a view to its doing so
Summary of the Joint Administrators' pre-Administration costs
The Jornt Admrnrstrators’ pre-Admrnrstratron costs comprise -
£
Pre - Admrnrstratron time costs (abated“) ##,###
Pre - Admrnrstratron expenses
Legal costs TBC
Total £##,###
Further information on each category of pre-Admrnrstratron cost is given below
Pre-administration time costs of the Joint Admrnrstrators
I would confirm that no payment for our pre-appointment time costs have been received to date
The Jornt Admrnrstrators’ unpaid pre-appointment time costs total £##,### at RSM Tenon Recovery's
standard charging rates (see Appendix Ill) Of this total cost, £##,### relates spectrally to the
marketing of the business with assistance from RSM Tenon’s mergers and acquisitions department
This Includes the establishment of a data room holding details of the Company’s intellectual property,
financial summaries and other information relevant to any interested parties In addition, there was
numerous
The balance of the Jornt Admrnrstrators’ pre-appointment time costs totals £#,### and relates to costs
incurred spectrally wrTh a view to Admrnrstratron These costs were all incurred on or after ## March
#### and in relation to the following actresses
» Confrrmrng that one of the statutory objectives of administratrix could be achieved
» Lrarsrng with secured creditors, key stakeholders and major creditors
» Carrying out all necessary steps in order to place the Company into Admrnrstratron
As stated above an offer was received for the shares in the business which had cons citrons attached to
rt which made the offer unacceptable It was widely accepted by the stakeholders that following
receipt of the offer for the shares, the company should be marketed not only in an attempt to
“benchmark” the offer but there was a genuine belief amongst all of the stakeholders that this offer
could be bettered following a period of marketing the business for sale
The time costs incurred related to the following -
» Preparation of Pancras linformation
- Preparation of a data room
~ Contacting potential buyers nationwide
» Entering into discussion
» On site meetings
# Provrsron of further and better particulars

PULTEC LIMITED - IN ADMINISTRATION
JOINT ADMINISTRATORS PRE-APPOINTMENT TIME COSTS
FOR THE PERIOD ## MARCH #### TO ## APRIL ####
SIP # TIME SUMMARY
Hours
Classification of Assistants Total Cost Average
work function Director Manager Other Senlor and Total hours £ hourly rate
professionals support E
staff
Admlnlstratron and
Planning
Admrnrstratron and # ## # ## # ## ## ## #,### ## ### ##
Planning
Reallsatron of assets ## ## # ## ## ## ##,### ## ### ##
Total hours ## ## # ## ## ## ## ##
Total costs ##,### ## ### ## #,### ## ##,### ##
None of these costs has been paid
Pre-A ministration eexpenses
Details of pre-Admrnrstratron expenses which have been incurred with a view to the Company’s
administratrix are
Advisor and Nature of Work Date of Engagement Fees
£
Bond Pearce
Appointment # Aprrl #### TBC
Total TBC
We instructed Bond Pearce to tile the appointment documents only and these pre-Admrnrstratron
expenses have been incurred by Bond Pearce on a hxed-fee basis, plus disbursements We currently
await the fee note in this matter
None of these expenses have been paid
Other persons entitled to claim
We are unaware of any additional costs incurred by any other professionals qualified to act as an
insolvency practitioner in respect of the Company Should any such claims subsequently come to
light, they will be dealt with in the manner provided for by the Insolvency Rules
Not part of the Administrators’ Proposals
Please note that our request for payment of pre-Admrnrstratron costs is separate to and does not form
part of our Proposals to creditors for the conduct of the administratrix