The remaining creditors of Studio Retail Group, which collapsed into administration earlier this year, are in line to recover the millions they are collectively owed - but some face a longer wait.
The Accrington-headquartered business racked up debts of more than £80m when it entered insolvency and its assets were bought by Mike Ashley's Frasers Group for just £1.
Administrators at Teneo have been overseeing the remaining business ever since and have been working to identify who owes what to whom - and if there is enough money to pay them.
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When Studio Retail Group was bought by Frasers Group at the start of March the move saved in the region of 1,500 jobs.
The total consideration for the group was £1 as well as the release of £53.1m of secured liabilities under its revolving credit facility and ancillary facilities.
Frasers Group then acquired Studio Retail Group's secured lenders' claims against it for c.£26.8m.
BusinessLive reported that Studio Retail Group owed £50m for a revolving credit facility and £3.1m for other facilities when it entered administration.
In its previous document submitted to Companies House, Teneo said it was waiting for a directors' statement regarding how much is owed to unsecured creditors.
A newly-filed document has now revealed that in the region of £1.5m is still owed to unsecured creditors but that Teneo is currently "uncertain whether sufficient funds will be realised to enable a distribution to be made".
It added: "The amount of funds ultimately available to distribute to unsecured creditors will depend on the value of preferential and secondary preferential creditor claims admitted for dividend, together with the costs and expenses of the administration".
Preferential claims are owed to employees for arrears of wages, holiday pay and pension contributions. According to the new document from Teneo, the firm has received two claims totalling around £54,000.
Teneo said it is "higher than anticipated due to higher than expected claims from former employees". It added however that it anticipates there will be sufficient funds for preferential creditors to be paid in full.
The firm added that HMRC is expected to have a secondary preferential claim in the region of £2.4m for outstanding VAT and PAYE.
Teneo said that is anticipates that sufficient funds will become available to "enable a distribution" to HMRC.
The firm said it intends to request an extension of the administration process from February 23, 2023, for a 12-month period. After that, it intends to move to creditors' voluntary liquidation.
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