Tullis Russell Papermakers Limited

Tullis Russell Papermakers Limited is in receivership under BIA s. 243 and provincial Judicature Act authority, following its UK administration; Joint Administrators reported net assets of £7.4 million, turnover of £124.6 million and a pre-tax loss of £3.4 million for the year to 31 March 2014, with cumulative losses of £18.5 million over the prior five years. At appointment on 27 April 2015, the company's defined benefit pension scheme held security over two Markinch land parcels capped at £13.5 million against an estimated £15.7 million deficit, with no surplus expected for other creditors from the land sale; Bank of Scotland and Lloyds Bank Commercial Finance held no outstanding debt. Preferential employee claims were estimated at £733,000. The Canada Revenue Agency, the only known Canadian creditor, had filed no proof of claim as of the Joint Administrators' First Report on 13 November 2015.