The sale of the former Anglesey Aluminium site in Holyhead involved a hefty fee of around GBP 2.8 million to the administrator for the sale of the site. The former Anglesey Aluminium site in Holyhead was an aluminium smelting plant that was closed in 2009 after the end of its power contract.
Both Orthios Eco Parks (Anglesey) and Orthios Power (Anglesey) Ltd were part of the same group called “Orthios”, located on the former Anglesey Aluminium site in Holyhead, Wales. Craig Ridgley was appointed administrator of these assets. While the paycheck of Craig Ridgley in this deal amounts to 2.765 million pounds for his work, the solicitors, Howes Percival LLP, working for him received 755,000 pounds.
The fee structure of Craig Ridgley in this deal consists of 5 per cent of the first 25 million pounds and 15 per cent on amounts above that value. Laurence Pagden, the new security trustee, have asked for a review of the payments of this deal. He has also raised concerns about whether the payment was excessive, as Craig Ridgley possesses limited experience in the administration of about two years and has charged excessive amounts for his work.
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However, Justice David Foxton of the High Court dismissed this appeal on October 9 and gave his judgment on October 17: “An administrator still has a level of freedom in dealing with fixed assets, so far as the interests of the general creditors are concerned." This decision has closed a unique chapter in the long-running story of the Anglesey Aluminium assets.
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