Voucher charity’s affairs still being resolved
➤ INSOLVENCY EXPERTS handling the Orthodox voucher charity, the Society of the Friends of the Torah (Soft), which went into administration nearly a year ago, are still unsure of how much assets will be left to distribute.
In its latest report, RG Insolvency says the charity has around £470,000 in the bank after costs were deducted — and a Stamford Hill building estimated to be worth £1.5 million.
But they are continuing to work with the H MR C and accountants B DO to determine what tax maybe owed.
“It appears that the company’ s records do not fully match those held by certain recipients of the charitable activities undertaken, which in turn leads to a possible tax charge,” RG Insolvency reported. “The extent to which this is the case is complex and is being considered in detail.”
An offer of £500,000 for the leasehold interest of the Stamford Hill building was rejected.
But lawyers have been instructed to obtain possession of the third floor of the building, which currently serves as the offices of the Jewish Tribune newspaper, the report reveals.
Initially, RG Insolvency proposed charging estimated fees of £346,000 (plus VAT) for their work but this has been reduced to £225,000 (plus VAT).
They are also moving Soft from administration to a creditors’ voluntary liquidation.
RG’s Avner Radomsky explained that administration automatically came to an end after 12 months and the CVL was the “simplest and cheapest option”.
A £500k offer for the leasehold of building was rejected’