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
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children