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22 November 1994
Jeffrey Green Russell is acting for a group of seven trade creditors at the creditors' meeting this week relating to leisure industry chief John Broome.The situation revolves around an interim order issued on 19 October 1994 to block several bankruptcy claims against Broome. This has now been extended to 10 January 1995.The ex-parte application was heard at the High Court on 24 October. Jeffrey Green Russell is complaining that the firm was only informed of this on 3 November.Broome has offered creditors an individual voluntary arrangement, but this will require the backing of a minimum 75 per cent of creditors at the meeting.He is thought to owe around u11.5 million to unsecured creditors and around u20 million in total.The arrangement is expected to yield creditors 11.9p in the pound. "Our clients will vote against this, unless it is improved," says the firm.
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