McLean creditors to get money back, according to report

Michael Hunt

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.

Your Comments

Read our comments policy here

Subscribe to our newsletter