Letter to creditors reveals only Sir Fraser Morrison set to be paid from pre-pack receivership deal
The creditors to troubled architect RMJM are set to be left empty handed after three of the firm鈥檚 companies were placed in receivership last month.
In October, three of the firm鈥檚 subsidiaries, RMJM Limited, RMJM Scotland Ltd and RMJM London Limited were all placed into receivership. They were sold in a pre-pack deal to RMJM Architecture Limited, a subsidiary of RMJM Group Limited.
A letter to creditors last month from the firms鈥� accountants KPMG, seen by 黑洞社区鈥檚 sister title BD, said that creditors to the firms had 鈥渘o prospect鈥� of receiving a dividend.
It said the 拢22m of secured debt belonging to Sir Fraser Morrison, the majority shareholder in the firms, took precedence.
The document also revealed that the RMJM firms owed 拢1.8m in missing national insurance, PAYE and VAT payments.
Plus, it said that the firms鈥� headcount had fallen from an average of 1,168 employees 30 April 2009 to around 310 last month.
It is not known how many creditors there are or what the final bill will be. When the firms entered receivership they owed 拢416,331 in county court judgements.
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