Entatech went under in May owing £9.7 million to unsecured creditors, including £7 million to trade creditors.
The firm’s administrators had previously reported that these creditors could expect to see a return of around two thirds, but in the final report, posted on Companies House, KPMG has revised this figure to 35 to 45 pence, “based on current estimates”. Entatech has now been moved into voluntary liquidation.
Much of it depends on the sale of Entatech’s Telford property which is expected to be worth about £2 million.
Microsoft is the largest trade creditor, with the vendor being owed just over £1. 2million.
Two of Entatech’s three secured creditors have been paid in full, while the third is expected to be paid in full once the property has been sold.
Preferential creditors are expected to be paid in full.
GNR acquired Entatech’s stock, contracts, domain names, intellectual property and goodwill for £300,001 on 12 May. Further payment was slated to be due depending on GNR’s sale of stock, with an additional £231,850 now set to be added to the initial fee.