Deloitte has revealed that Woolworths’ main lending banks will likely be
repaid the £335 million owed to them by the collapsed retailer.
Meanwhile, ordinary unsecured creditors that attended the creditors’ meeting
in north London yesterday discovered they will receive almost nothing, according
to The Independent.
Deloitte has also been asked by a creditor to investigate why Woolworths did
not stop trading earlier in order to give it more time to organize a buyer for
the business before it went into administration on 27 November.
Administrator Neville Kahn said Woolworths’ six lenders – which include the
Bank of Ireland’s subsidiary Burdale Financial and private-equity owned GMAC
Commercial – would be paid in full.
Head of Editorial Kevin Reed looks at the week's news, including the BHS and Austin Reed administration, Accountex and much more.
MPs launch probe into the sale of BHS that will look at role of auditors and accountancy firms in sale process
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