This change in legal status allows interim dividends that are available to be paid and creditors debts to be reconciled.
However, members of the board of creditors have expressed anxiety about the possible outcome. “It’s very frustrating,” says Chris Oliver, managing director of AJC Wilson. “I think we are nearing the end of that process and the blurry picture is becoming clearer, but I’m anxious that the picture emerging isn’t clear enough. No repairers have yet been paid out for the legitimate work they have done.”
“After an enormous amount of effort we now seem to be at a stalemate. The creditors committee has spent a lot of time, unpaid, to reach a resolution for repairers. But that goodwill doesn’t appear to be shared by all parties.”
Meanwhile bodyshop lobby group BRIC is to take the matter up with Zurich Insurance’s head offices in Switzerland.
It has been in contact with Zurich UK, which owns 45% of Endsleigh, but after an initial response has heard nothing since.
Shaun O’Reilly, research director, says “There is clearly a problem here but they seem to have no clue how to resolve it.”