McLean creditors to get money back, according to report

Following a £3.95m tax refund it is reported that unsecured creditors of collapsed property group David McLean will receive some money they're owed.

According to the latest report from administrators Deloitte, a payment of £3.95m from HM Revenue & Customs for a terminal loss relief tax claim meant preferential creditors were paid in full and that some funds were available for unsecured creditors, estimated to be around £1.18m.

The developer, contractor and housebuilder went into administration last October, owing £70m to banks and up to £30m to contractors and suppliers.

Around £52.7m has been reportedly paid to secured creditors, following the sale of the group's assets to its former directors for £51.3m. However, the report by Deloitte said it still leaves a shortfall of £19.3m.

Last November, the former directors of David McLean Homes bought the company after setting up Elan Homes, which helped save 90 jobs.