The verdict of the creditors on the administrator’s recommendations concerning the debts that Inverness Caledonian Thistle owes them has finally been made public.
Administrators BDO have announced on Companies House that creditors have decided to accept offers pertaining to debts totaling more than £3.8 million that the League One team owes.
BDO stated on Wednesday that a decision regarding the administrator’s plans had been taken by the creditors.
Creditors have approved the plan to keep operating the company with the goal of pursuing an exit through a Company Voluntary Arrangement, according to BDO, who were hired after Caley Thistle entered administration in October.
Creditors also accepted pre-appointment expenditures of TLT LLP totalling £24,196.40 as an expense of the administration. The document has also shown that a proposed creditors committee had not been created.
You can view the document on Companies House.
BDO stated that creditors had accepted the joint administrators’ proposals.
It also stated that the joint administrators were authorized to draw category 2 disbursements based on the mileage scale approved by HMRC, which is 45p per mile, unless otherwise disclosed to creditors as an administration expense.
The joint administrators’ proposals were approved on a time-cost basis.
that, if necessary, the Joint Administrators’ compensation for the forensics investigation be authorized on a time-cost basis.
That TLT LLP’s pre-appointment costs, which come to £24,196.40, be accepted for reimbursement as an administrative expense.
At a news conference in December, BDO said that 15 parties were still interested in purchasing the League One team and that one bid had already been turned down.
David Anderson, a businessman from Moray who reportedly offered £1.2 million for the team prior to its October administration, announced earlier this week that he would not be putting up another bid for the League One team.
The complete list of people Caley Thistle owes money to, along with the amounts owed to each, was made public by BDO last month in a report submitted to Companies House.
The largest amounts were owing to people who had formerly owned a significant portion of the club; Ross Morrison owed £1,650,251, Allan Munro owed £661,500, and David Cameron owed £410,000.
Liam Dalgarno is reported as owing £100,000, Graeme Bennett is listed as owing £80,000, and former chairman David Sutherland was owed £252,500.
It was reported that Scot Gardiner, the former CEO, owing £70,000.
Roddy Ross was owed £80,000, while John Gibson was owed £100,000, among other notable amounts.
There are also other football clubs on the list, with Dundee being owed £3982.60, Manchester United being owed £289.57, Highland neighbours Ross County being owed £2147.65 and Everton being owed £18,340.26 – plus another £700 being owed to the Scottish Football Association.
Inverness businesses were also listed in the report. A9 Accountancy are owed £8148, Cafe V8 are owed £5150, D&E Coaches are owed £2640, Highland Heating Management are owed £4470.61, IRN Security are owed £579 and James Dow Office Supplies are owed £518.15.
MacGregor Industrial Supplies are owed £692.39, McBride Signs & Engraving Services are owed £166.32, Ness Castle Lodges are owed £4400, Norscott Vending Dervices are owed £117.26, Physio Inverness are owed £1322.50, Scotbake are owed £7329.20, Simpson Highview are owed £320, The Sign Centre are owed £2512.68 and Red Poppy are owed a whopping £26,312.24.
High Life Highland are also owed £5356, Inverness Chamber of Commerce are owed £648 and Highland Council are owed £94.92
On the other end of the spectrum, some businesses owe extremely little sums. For instance, O2, a communications firm, is owed £1.64.
Additionally, it has been verified that the administration process cost £252,015 up to December, and that figure will only rise the longer Caley Thistle is under BDO’s jurisdiction.
