Creditors back administrators’ plan over Dylan Harvey

Creditors owed £6.5m after the collapse of property company Dylan Harvey Residential met today for the first time and voted overwhelmingly in favour of a series of proposals made by joint administrators Mark Getliffe and Diane Hill of CLB Coopers Chartered Accountants.

The group of investors agreed to allowing Dylan Harvey Group more time to formulate proposals regarding alternative property purchases for the purpose of a Company Voluntary Arrangement of Dylan Harvey Residential.

They also backed plans to allow joint administrators to review transactions between DHR and DHG prior to the administration.

A creditors' committee will now be set up to represent the interests of the general body of 600 creditors. Around 20 attended the meeting at the BT Convention Centre, Liverpool.

Dylan Harvey Residential, originally based in Lancashire, acted as sales agent for a number of residential apartment schemes in Liverpool, Manchester and elsewhere in the North West.

The administrator will report to the creditors' committee within the next 12 weeks and review further progress in respect of understanding the background to the insolvency and the investors' options.

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