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08 Aug 2008
Unsecured creditors of collapsed firm Erinaceous have been told that they will not be getting any of their money back.
Partners from KPMG delivered the bombshell in a report which also said the firm had been paid nearly £3.4m for it services.
Banks including HSBC, Bank of Scotland and Lloyds, will get about half the £235m they collectively lent Erinaceous, but creditors further down the food chain are expected to receive nothing, The Telegraph reported.
In the report, administrators Jim Tucker and Myles Halley said they did 'not consider that there would be the funds available to make a distribution to unsecured creditors'.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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