A spokeswoman for the MacDonald Partnership which has been appointed as insolvency practitioner for Nationwide and was present at the meeting – told letsrecycle.com yesterday (June 2): The company was formally placed in liquidation yesterday [Wednesday]. She added that the liquidation would be realised by distributing funds raised from assets to creditors.
Nationwide, which specialises in converting glass waste into sand aggregate, came into the spotlight in December 2010 when it had its accreditation for issuing glass packaging waste recycling notes, PRNs, suspended (see letsrecycle.com story).
Although the company had its accreditation reinstated in March 2011, the suspension contributed to a short-term market shortage of glass PRNs which some may now fear could be repeated.
Nationwides situation came to light in a public notice issued last week (May 25) which featured the details of Wednesdays meeting.
The notice said that, pursuant to Section 98 of the Insolvency Act 1986, Nationwide would be meeting with The MacDonald Partnership (TMP) for the purposes mentioned in Sections 99, 100 and 101 of the Insolvency Act.
Section 99 relates to directors laying a statement of affairs before creditors, while Section 100 relates to the appointment of a liquidator. And, Section 101 is in relation to the appointment of a liquidation committee.
It also stated: The resolutions to be taken at the meeting may include a resolution specifying the terms on which the liquidator is to be remunerated and the meeting may receive information about, or be called upon to approve, the costs of preparing.
The process of liquidation involves a company being brought to an end and its assets and property being redistributed.
Nationwide Recycling yesterday (June 2) declined to comment on the specifics of the meeting or the future of the company and directed all enquiries to the liquidator.
Investigation
In addition to having its PRN accreditation suspended in December 2010, Nationwide Recycling confirmed at the same time thatthree members of staff had been arrested as part of an on-going Environment Agency Wales investigation.
However, speaking to letsrecycle.com this week, the Environment Agency would not reveal any further developments in relation to the case and also refused to confirm the identity of the company involved, instead referring to a South Wales recycling firm.
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