Castlestone administrator prepares to sell off assets

The administrator of liquidated fund group Castlestone Management (CML) has said it is "very unlikely" it can rescue the company in its current form based on its assets and liabilities.

Antony Batty & Co is instead to sell off the company’s assets in a more orderly way than via a liquidation, or to realise property in order to pay off creditors. CML's directors had hoped the company could remain solvent following adminstration as they thought its assets would exceed its liabilities. However, based on the financial information Antony Batty & Co has since received, it said it "considers this to be very unlikely". Based on current information, it expects there will be sufficient funds to make distributions to creditors. Last month former CEO Angus Murray told Inve...