A report from the administrator reveals the ARs of Network Data have made £5,172,836 of unsecured credit claims to Baker Tilly.
According to the report, there still remains £47,721 in unpaid commission currently being held by providers. However, ARs are not entitled to receive commission payments received by Network Data from product providers. They have no security in respect of the commission received because they are not seen as secured or preferential creditors.
The report added that Network Data had secured debts of £3,856,440 owed to Bank of Scotland. The group owes the FSA £42,478. Other creditors include chief executive Richard Griffiths, who is owed £52,384, and directors Alex Cotton and David Blackmore who are owed £17,851 and £15,381 respectively.
A statement from Baker Tilly said: “We regret to advise that we do not anticipate a distribution to the unsecured creditors of Network Data Holdings”.
Baker Tilly added that a prescribed part dividend may be declared to the unsecured creditors once all the assets have been sold and the costs and expenses of each administration have been taken into account. The administrator added that it is preparing to sell Network Data’s headquarters at Botleys Mansion, which is valued at £4.475m.
