DETAILS over the creditors’ decision to administrator’s proposals regarding debts owed to them by Inverness Caledonian Thistle have now been published.
Creditors are owed over £3.8 million by Inverness Caledonian Thistle. Picture: James Mackenzie
Administrators BDO have published on Companies House the creditors’ decision to approve proposals regarding debts of over £3.8 million which are owed by the League One outfit.
It was confirmed on Wednesday by BDO that a Creditors decision had been made on the administrator’s proposals.
BDO, who were appointed after Caley Thistle went into administration in October, said that creditors have agreed to the proposal to continue to trade the business with a view to seeking an exit through a Company Voluntary Arrangement.
Creditors also approved pre-appointment expenses of TLT LLP totalling £24,196,40 as an expense of the administration.
The document has also revealed that a proposed creditors committee had not been established.
The document is available to view on Companies House.
In the document, BDO said creditors had agreed the proposals of the joint administrators.
Other points it said that had been agreed included that the joint administration remuneration be approved on a time cost basis.
That the joint administrators be authorised to draw category 2 disbursements based on the mileage scale appproved by HMRC, being 45p per mile unless otherwise disclosed to creditors as an expense of the administration.
That the Joint Administrators remuneration in relation to forensics investigation, should it be required, be approved on a time costs basis.
That the pre-appointment expenses of TLT LLP totalling £24,196,40 be approved for payment as an expense of the Administration.
In December, BDO held a press conference which it revealed 15 parties remain interested in buying the League One outfit and had already rejected one bid for the club.
Moray businessman David Anderson, who it was claimed made a £1.2 million bid for the club before it went into administration in October, confirmed earlier this week that he would not be making a new bid for the League One outfit.
Last month, in a report to Companies House, BDO released a full list of who Caley Thistle owe money to, along with the amounts to each party.
The biggest sums were owed to individuals who have largely previously held stakes in the club, with Ross Morrison listed as being owed £1,650,251, Allan Munro owed £661,500 and David Cameron owed £410,000.
Former chairman David Sutherland was owed £252,500, Liam Dalgarno is listed as being owed £100,000, while Graeme Bennett is on the list for £80,000.
Former chief executive officer Scot Gardiner was noted as being owed £70,000.
Other individuals listed as being owed significant sums were John Gibson at £100,000 and Roddy Ross as £80,000.
There are also other football clubs on the list, with Dundee being owed £3982.60, Manchester United being owed £289.57, Highland neighbours Ross County being owed £2147.65 and Everton being owed £18,340.26 – plus another £700 being owed to the Scottish Football Association.
Inverness businesses were also listed in the report. A9 Accountancy are owed £8148, Cafe V8 are owed £5150, D&E Coaches are owed £2640, Highland Heating Management are owed £4470.61, IRN Security are owed £579 and James Dow Office Supplies are owed £518.15.
MacGregor Industrial Supplies are owed £692.39, McBride Signs & Engraving Services are owed £166.32, Ness Castle Lodges are owed £4400, Norscott Vending Dervices are owed £117.26, Physio Inverness are owed £1322.50, Scotbake are owed £7329.20, Simpson Highview are owed £320, The Sign Centre are owed £2512.68 and Red Poppy are owed a whopping £26,312.24.
High Life Highland are also owed £5356, Inverness Chamber of Commerce are owed £648 and Highland Council are owed £94.92.
At the other end of the scale, some companies are owed miniscule amounts. Communications company O2, for example, are owed £1.64.
It has also been confirmed that the process of administration had cost £252.015 up to December, with that number only increasing the longer Caley Thistle stay under the control of BDO.