Misco’s unsecured creditors are set to receive only £600,000 towards the £21.8 million they are owed.
According to an administrator’s report made available at Companies House, Misco only has funds available to pay unsecured creditors by way of a prescribed part.
This has been worked out as £600,000 which was based on the net value of Misco’s property being calculated at £8.3 million.
Misco owes millions of pounds to channel players, after an unsuccessful bid by its new owners to save it.
Misco’s Wellingborough office has been flogged off for £6.125 million, and “interested parties” might be interested in the sale of its Greenock property. “Surrender negotiations” have been entered with the landlord at Misco’s Weybridge leasehold property.
According to the report, Misco was owed £14 million by debtors when it went into administration, of which £13.5 million has been paid.
Preferential creditors such as Misco employees should be paid the £155,000 they are owed in full as have Israeli bank Leumi and Systemax Netherlands, while HUK 76 will “suffer a shortfall”.
The administrators will be paid “no more than £1.1 million”.
