PricewaterhouseCoopers is close to completing the sale of Global
EPP, which may help 51 leasing creditors recover a collective loss
of some £70m after the plastics manufacturers collapsed at the end
of 2007, a lawyer close to the case said.
Global Engineering Plastics Products went into administration at
the end of last year and, allegedly, received finance agreements
with several leasing companies for each piece of leased
equipment.
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A dispute has erupted among lessor creditors over ownership of
the assets. If one of the creditors, Venture Finance, which has a
floating charge over Global EPP’s assets, disputes the other
creditors’ entitlements, arbitration will occur following the sale,
the source said.
The Finance & Leasing Association (FLA) is hosting a legal
forum on June 10 that will examine issues arising out of Global
EPP, as well as other issues.
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