PracticeAccounting FirmsKPMG bills £285,000 for insolvency firm collapse

KPMG bills £285,000 for insolvency firm collapse

Administrators to Bridge Business Recovery bill nearly £300,000 for about 1,000 hours of work

KPMG administrators have billed more than £285,000 in fees for their work at collapsed insolvency firm Bridge Business Recovery.

A creditors’ report, seen by Accountancy Age, details the firm’s billable hours, which amount to £284,568.85 (1005.21 hours) for Bridge’s two corporate entities – Bridge Business Recovery and Bridge Business Recovery II.

The administrators, Colin Haig (pictured) and Samantha Bewick, appointed on 22 June, hope to realise between £200,000 and £420,000 from work in progress.

Preferred creditors, including staff wages, amounted to £8,272.83 with administrators claiming this should be paid in full.

Unsecured creditors are owed £4,066,160.19, including an HM Revenue & Customs bill of about £1.3m, the report shows.

To date, KPMG administrators have received £32,542.94 from book debts.

A creditors meeting is due on 6 September.

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