Farepak parent company owes £80,000 to directors

The former directors of European Home Retail (EHR), the parent company of
collapsed savings club Farepak, are still owed just under £80,000 according to
administrators from

Reports in The
indicate that the news emerged after PwC arranged the
first creditors’ meeting for
European Home

Former EHR chief executive William Rollason, former finance director Chris
Hulland, and Sir Clive Thompson, the former chairman, are all owed money.

However, the directors are unlikely to see a penny of the £80,000. Group bank
HBOS is still owed £32m and Farepak is owed more than £54m. The sale of EHR’s
non-Farepak subsidiaries for £34m in October 2006 will not cover all the debts.

Further reading:

Farepak customers could swamp PwC meetings

Farepak loans ‘nothing to do with audit’

BDO and DTI to investigate Farepak collapse

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