Partial Payment For White’s Employee Creditors
A recovery was made which allows a partial dividend payment to be made to employee creditors of the White’s companies, and as claims for wages in arrears, vacation and severance against total approximately $1.1 million, the Joint Liquidators have determined that a dividend of 70% can be paid.
All three White’s stores were ordered to be wound up by the Supreme Court back in 2012, with over 80 people losing their jobs.
KPMG said, “As stated in the press release of June 17, 2016, Mike Morrison and Charles Thresh as Joint Liquidators of White & Sons Limited [in liquidation], White’s at Southside Limited [in liquidation] and White’s at Hayward’s Ltd. [in liquidation] [Companies] advised that a recovery was made in the estates of the Companies which would allow a partial dividend payment to be made to employee creditors of the Companies.
“Since then the Joint Liquidators can advise that there has been a very positive response from employee creditors responding to the notices provided.
“As a result all employee creditor claims have now been agreed. Due to the large number of long serving employees, employee creditor claims for wages in arrears, accrued vacation and statutory severance against the Companies total approximately $1.1 million.
“Given the claims and the cash available in the estate, the Joint Liquidators have determined that a dividend of 70% can be paid. This dividend has been agreed by the Committees of Inspection for the Companies.
“A meeting of the employee creditors was held on Wednesday July 20, where employee creditors in attendance were advised of the dividend payment. The Joint Liquidators anticipate that payment will be made to employee creditors who have provided bank details early next week.
“If you are an employee creditor of the Companies and have not yet provided your bank details to the Joint Liquidators please contact Sahima Choudhury at 295-5063 ext. 337, or by email at sahimachoudhury@kpmg.bm to make arrangements.”
Vincent & Morris White would roll over in their graves if they knew this was happening. They worked very hard to make their stores a success. Very sad.
This is absolutely good news. I know the naysayers are already saying 70%?, this is better then nothing at this point and am glad they employees are getting something.
Good going ex-employees. Blessings
That’s good! I thought they would never get what was owed to them.