Sarnia might not have enough money to pay creditors

Thursday 30 August 2018

The liquidators appointed to Sarnia Estate Agency have warned the company may not have "sufficient realisable assets" to distribute between its creditors.

With members of the public owed money, as well as both Guernsey's Income Tax and Social Security, it is believed the bill could run into tens of thousands of pounds, or more.

The estate agency was listed to be struck off last Tuesday, 21 August. Since then it has gone into voluntary liquidation - despite both the Income Tax and Social Security asking for it to be retained. The Guernsey Registry said that usually means the company won't be struck off or wound up by them as the creditors - ie Income Tax and Social Security - will ask for it to be held while they try and claim money owed.

Pictured: Sarnia Estate Agency's listing on the Guernsey Registry website proves it owes money to the public purse as well as to members of the public 

Sarnia has entered voluntary liquidation since it was first listed to be struck off and with Grant Thornton appointed as liquidators, work will now be done to establish how much money is owed and who to. 

A number of other firms linked to the reported owner of Sarnia, Quinten Hubbard, have also been retained due to funds owed to Social Security or Income Tax. 

Yesterday Grant Thornton was confirmed as liquidators to Sarnia Estate Agency with Jamie Toynton and Ben Rhodes dealing with the matter.

They've said they have very little information at present and investigations are ongoing.

Grant Thornton also told Express that a number of further enquiries have been made.

"Our team is managing a number of enquiries and examining the records available and collecting information before we are able to assess the assets and liabilities of the Company.

"It is really too soon for us to come to any conclusions." 

It is known that more creditors are coming forward all the time - with Grant Thornton and Guernsey Police's Economic Crime Division both asking for people to contact them - with one man saying Sarnia owes him £1,200.

Mark Milford said he had paid Sarnia the money as a deposit for their home which they now need back as their landlord is selling the property. He said they have to try and find the money for a new deposit.

"It’s not allegedly, they owe us £1200 deposit money," he said.

"Houses are expensive enough rent wise, and now we've got to try and save a new deposit aswell as rent and childcare and live. Thanks a lot Sarnia!"