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Wilko unsecured creditors set for big loss

The unsecured creditors of collapsed retail chain, Wilko, are likely to recover between 4% and 8% of their debts, Sky News has reported.

The Pension Protection Fund is expected to be repaid in full for the £20m it is owed as a secured creditors, according to first estimates by administrators, PwC. Barclays and Hilco UK are presumed to also be repaid in full the £2.4m and £39.9m they are owed.

The proposals also provide a detailed timeline of the events leading to the retailer’s collapse last month. Wilko had been hit by inflationary pressures and supply issues, leading to it seeking a company voluntary arrangement to help trigger rent reductions across hundreds of the stores.

The Wilkinson family, which controlled the company and had extracted millions of pounds from the retail business through dividend payments, are now facing calls to hand back some of the money.

The Pensions Regulator announced it has launched an investigation into the payouts following pressure for shareholders to address the £56m deficit in the pension fund.

 

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