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Interserve creditors £70.5m out of pocket

11 June 2019 | By Neil Gerrard

Creditors of Interserve have been left almost £70.5m out of pocket after the company entered administration in March, new documents show.

A report filed by Interserve PLC’s administrator Ernst & Young revealed how preferential creditors were owed a total of £47.6m while unsecured creditors were owed another £50.5m.

The estimated total assets available for preferential creditors was £27.6m, leaving a total of £70.5m owed to all creditors.

While no construction firms were listed among Interserve PLC’s unsecured creditors, documents showed that it owed more than £675,000 to accountancy firm Grant Thornton, £493,000 to Grant Thornton, nearly £616,000 to Microsoft, and £468,00 to Specialist Computer Centres.

Interserve entered a pre-pack administration overseen by accountancy firm EY in March, after shareholders voted to reject a rescue plan.

The group was subsequently sold to a newly incorporated company controlled by the group’s lenders. 

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