In a report dated 2 October, Deloitte says: “The company is to be placed into a CVL. The administrators propose to become the joint liquidators, the creditors’ committee will become the liquidation committee and the liquidators’ remuneration will be fixed by reference to the time given in attending matters arising in the liquidation.”
The report also says that unsecured creditors of WaverleyTBS are to receive a greater dividend payment that initially expected.
It says the dividend payment will be between 8.5p and 9.5p. An earlier report from May put the figure at between 4.3p and 7.6p.Deloitte warns that the dividend payment is subject to change and dependent upon the total level of claims agreed, the level of future realisations and the level of future costs.
So far claims have been made for almost two thirds of the total amount owed to unsecured creditors (£41m out of £64.6m).
Total remuneration for Deloitte has been agreed at £3.5m, to be paid once the company is placed in administration. During the final period of the administration commencing 2 April, Deloitte has charged £500,657, made up of 1,227 hours at £408 per hour.
Other professional costs total £2.4m, including £1.7m to debt collection agent Winterhill Largo.