|
|
30 Nov 2012
MANY CREDITORS of collapsed sports-wear retailer JJB Sports will receive virtually nothing, according to KPMG administrators.
JJB sports entered into a pre-pack administration, with Brian Green, David Costley-Wood and Richard Fleming, partners at KPMG, appointed joint administrators of JJB Sports Group, SSL Retail and Blane Leisure.
Further reading
Unsecured creditor claims, such as those from suppliers, amount to £212.2m. This includes £29.9m to stock suppliers and £9.1m to landlords.
There will be a maximum distribution of £600,000 to unsecured creditors, with the administrators claiming there would be insufficient funds for a distribution to the shareholders of the formerly listed business.
In an administrators statement of proposals filed this week, it is also revealed that some secured creditors will suffer a "material shortfall".
It is suggested that JJB's lender Lloyds Bank is likely to be repaid in full.
The administrators' fees so far have amounted to £1.6m, representing 4,766 hours at an average hourly rate of £342.
The administrators will liquidate the business, with Green, Costley-Wood and Fleming to be appointed joint liquidators, unless the proposals are challenged.
You may also like
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.
In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.
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. 
Visitor comments Add your comment