Administrators not provided with vital financial data by boss of stricken Dundee firm

Administrators who took over at a collapsed Dundee company in July have still not been provided with a list of the company’s assets and liabilities by its director.

Herman Twickler, director of off-shore equipment business Twickler Industries, which was placed into administration on 28 July, has been unforthcoming with the information, according to joint administrators Gerard Friar and Blair Nimmo of KPMG.

The pair have contacted the Registrar of Companies to report the problem.

Twickler Industries is the holding company for a group which includes The PressureFab subsidiary, the main trading entity, and Twickler Estates, which owned the premises in city’s Baird Avenue from which the other companies traded.

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 said: “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.”

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.

The administrators said the turnover and margins at the firm were hit by the plunge in global oil prices and the reduction in investment by customers.

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.

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.”