Administrator says Twickler yettoprovide financial data Official documents tell of unanswered requests for Statement of Affairs from collapsed company’s director

Administrators of collapsed Dundee company Twickler Industries have yet to receive a list of the company’s assets and liabilities from director Herman Twickler.

Gerard Friar and Blair Nimmo of KPMG revealed the problem in a report to the Registrar of Companies.

Twickler Industries, the holding company for a group which designed and manufactured specialist rig topside and subsea equipment, went into administration on July 28 this year.

The PressureFab subsidiary was the main trading entity and Twickler Estates owned the premises in Baird Avenue from which the other companies traded.

PF Resources employed the group’s 42 staff who were made redundant.

The administrators said the turnover and margins suffered as a result of the oil price decline and reduction in investment by customers.

The company sustained losses and cashflow pressures which led to its insolvency.

The administrators did not expect the bank to receive a distribution under its floating charge and believed there was no prospect of a dividend to unsecured creditors.

In their assessment of a company’s prospects, administrators need a Statement of Affairs from the directors setting out its assets and liabilities.

Mr Friar said the sole director, Mr Twickler, was due to provide a statement by August 14.

He continued: “We have provided (2) further written requests for this to be prepared, and have provided the director with copies of all the financial information prepared by the company.”

A link to the Institute of Chartered Accountants’ website and a list of licensed insolvency practitioners was also given, to assist the director to seek professional assistance.

“To date we have not received any Statement of Affairs nor have we received any explanation as to why this has not been forthcoming.”

Mr Friar said if a statement is received, its contents may be restricted.

In the absence of a Statement of Affairs, the administrators estimated the company’s financial position, on the basis of its last set of accounts, as being in credit by £137,000 excluding the costs of administration. business@thecourier.co.uk

Picture: John Stevenson. Mr Twickler at his Riverside Drive site before he moved his operation to Baird Avenue in Dundee.