好色先生TV

The full scale of the cost to creditors of last October鈥檚 collapse of Lakesmere has been revealed with bank HSBC the biggest loser with a debt of 拢15m, while hundreds of other creditors face no hope of getting back a penny of the near 拢15m they are owed as well.

And in a report published by administrator Deloitte, Lakesmere staff owed wages by the collapsed business have been told not to expect to see that money either which also includes holiday pay and pension contributions.

HSBC was owed 拢23.9m but Deloitte has told the banking giant, which was a secured creditor, to write off all but 拢8m of this figure. 鈥淲e estimate the bank will have a c 拢15m shortfall across the group.鈥�

Unsecured creditors are on the hook for 拢14.7m and Deloitte said it has already been dealing with 鈥渁 significant amount of creditor correspondence鈥�from a large proportion of the unsecured creditors鈥�.

But it added: 鈥淲e do not anticipate that there will be sufficient asset realisations to enable a distribution to be made to unsecured creditors.鈥�

Lakesmere staff 鈥� known as preferential creditors 鈥� face an anxious wait to find out whether they will be paid their missing money but the report warned: 鈥淚t is currently uncertain as to whether there will be sufficient funds available to pay the preferential creditors.鈥�

The report also details the attempts by the Lakesmere board to rescue the firm once it became clear the firm was facing a cash shortfall caused by a number of bad jobs in the UK and overseas.

Following a management buyout of the firm at the end of 2015, one unnamed shareholder pumped in an unsecured 拢2m into the business the following year to shore up its finances.

But the Deloitte report added: 鈥淭he group continued to be affected by the poorly performing contracts and a further potential funding requirement was identified on late 2017.鈥�

And once a proposal to pump in a further 拢2m by a shareholder was pulled 鈥� the report does not say whether it was the same one who had forked out 拢2m in 2016 鈥� the company was put into administration.

Deloitte, which has racked up more than 拢1m in fees for the administration, said other firms helping out with the administration had racked up costs of 拢210,000.

Schemes Lakesmere was working on at the time of its collapse included the roof at Wembley stadium (pictured) and a number of Crossrail stations. It had also been working on what was believed to be its largest overseas job, the King Abdulaziz International airport in Saudi Arabia.

Crossrail has since drafted in a firm headed by Lakesmere鈥檚 former chairman, Mark Davey, to complete the work.

Davey set up Lakesmere in 1993 having led the first management buyout of the firm. The second MBO at the end of 2015 saw Davey relinquish the chief executive role becoming chairman and international CEO.