Camera retailer Jessops, which fell into administration in January, collapsed under debts of £81m.
The bulk of creditors, including HMRC and the Government’s Pension Protection Fund (PPF) will receive no payments as a result of its collapse, according to The Sunday Telegraph.
HSBC, its largest single creditor, was owed £28.8m at the point of administration and is likely to suffer a “significant shortfall”.
HMRC was owed £1.3m in unpaid VAT, National Insurance and PAYE contributions, which, as an unsecured creditor, will not be repaid.
Further unsecured creditors, including manufacturers Nikon and Canon, were owed £42.6m when it folded. However, £23m has been returned through stock as a result of suppliers’ retention of title.
The information was contained within a document sent out to creditors last week, issued by administrator PwC, a copy of which has been seen by the newspaper.
The report also reveals that PwC sold the Jessops brand, residual stock and other assets to a joint venture of Dragon’s Den star Peter Jones and restructurer Hilco for £1.65m.
From January 2 to November 25 last year, Jessops made a loss before tax of £8.8m on sales of £194.9m.
The retailer was placed into administration after management failed to reach a restructuring agreement with key suppliers and HSBC.