£3.256m at the time of the appointment and subject to continuing interest and charges until they are repaid in full. The loans were secured by standard securities over the hotel, along with a first rank floating charge over the company’s business and assets.
“Based on the information on hand and subject to any unforeseen issues arising, we currently anticipate that the Bank will be repaid in full under the terms of the standard securities held,” the administrators state.
The administrators add that they expect to ordinary preferential creditors, including employees due wages, holiday pay and pension benefits, to be paid in full. These claims are expected to total £77,000. Secondary preferential claims estimated at £128,000, which include claims related to VAT, PAYE and National Insurance contributions, are also expected to be paid in full.
It is estimated that unsecured creditors receive a dividend, with the amount and timing still to be determined.
