Customers who paid up-front to Emoov before it went into administration just over a year ago are likely to have handed over £1.5m.
The latest administrators’ report, posted on Companies House, says that to date 324 ‘unsecured’ claims have been received, totalling £2.82m, from trade creditors and customers who paid up-front.
HMRC has also submitted a claim for £447,823.
The report, from Alan Whalley and Sandra Mundy of James Cowper Kreston, also says that a total of £89,930 “referral” fees have now been collected, plus a total of £26,291 in respect of fees for property sales which completed either pre- or post-administration.
The administrators say: “We have continued to deal with a significant volume of calls and correspondence from the company’s former customers.”
Emoov, says the report, has one secured creditor, Northern & Shell Ventures, owed £2.5m.
Employees owed money, including those who went unpaid in November 2018 and until administration started on December 3, 2018, are classed as preferential creditors who can claim up to £800 each. They have been able to submit claims to the Redundancy Payments Service.
The RPS has paid out £373,843, but the administrators say they have not yet adjudicated on this claim.
According to Emoov’s company records, as at December 2018, when it went into administration, it owed unsecured creditors £14.6m.
Of this sum, £8.7m is described as an inter-company loan due to Tepilo Holdings. A further £3m is described as relating to non-bank loans from investors.
The period of administration is due to last until December this year.
Parts of the Emoov business were bought out of administration by Mashroom, which has since re-launched the online agent.
Just as the liquidators were spelling out the £15m debts he ratcheted up at Emoov Headphones Quirk had the brass neck to desperately claw some praise on Bricks yesterday.
Iin a response to Mike Del Prete new take on Bricks plateauing and will not reach its own target of a 10 per cent market share.
Headphones tweeted
“Nice to have my opinion on Purplebricks validated here now”
Convenientally forgetting in 2015 he had this to say about 2020
“By 2020 – less than five years away – he believes online agents will account for half of all property transactions in the UK. ”
Yep just like
!I can see Emoov having a val’n of £100m and if it sounds cocky,I apologise ”
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So a company that had £14.6M in unsecured debt has completed on £26,291 (is that 15 houses?) in fees since going into administration, but even it didn’t go into administration and sold the 1.5M worth of property fees it had been paid upfront, (is that 1000 houses?) it would still been £14.6M in debt and would have still owed the wages to it’s staff. Am I missing something, how stupid are the investors, how naïve are the employees. Everybody needs to be learning lessons here and I don’t think they are. If you work for another online Agent you need to looking at the accounts and not just turning up to work and burying your head in the sand, selling a lie to your customers. What are Purplebricks numbers?
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