Administrators from BDO Stoy Hayward are set to pay creditors of Farepak 5p
in the £1, but in a reprise of last year’s misery for savers in the Christmas
hamper company, they may not even pay that money out until the New Year.
The mid-tier firm is handling the insolvency, and
Observer reported this weekend that its administrators do not expect to be
able to pay creditors until the New Year, citing the amount of paperwork
involved as the cause of the delay.
Farepak campaigner and Swindon South MP Anne Snelgrove said: ‘Clearly, BDO
has a duty to ensure all claims are valid, but we must work toward getting the
money back before Christmas.’
The news coincides with the release of a report into the collapse of hamper
company Farepak, based on interviews with victims.
The report, commissioned by Unison and the Centre for Crime and Justice, is
set to be presented to parliament today.
‘We have still not had any money back from the liquidators or seen anyone
brought to justice,’ said Snelgrove.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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