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LONDON - Escher Marwick Ltd will distribute £310,257.94 to holders of its Series 2016-CI8 Notes on June 23, representing the sixth distribution from funds recovered through the administration of Just Cash Flow Plc.
The distribution follows the trustee’s receipt of £352,523 on June 12 from the joint administrators of Just Cash Flow Plc, according to a statement released by Truva Services Limited, the trustee for the notes.
After applying the funds according to the priority of payments outlined in the notes’ conditions, which first covers trustee costs and expenses, the remaining amount will be distributed to noteholders next week.
This latest payment adds to previous distributions made since September 2023, when the trustee began receiving funds from the administrators. Prior distributions to noteholders included £1,128,572.44 in January 2024, £144,359.41 in September 2024, £75,068.69 in November 2024, and £638,669.75 in February 2025.
Despite these distributions, significant obligations remain outstanding. As of June 17, the notes still carry £9,559,928.40 in unpaid interest and £37,726,783.00 in principal, according to the trustee’s statement.
The £50 million fixed-rate secured notes, which carry an 8.5% interest rate, were originally due in 2021 but entered default when Just Cash Flow Plc went into administration in December 2022.
The trustee stated it will continue to work with the joint administrators and the issuer on any further distributions and will notify noteholders accordingly.
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