City Link’s administrator has revised up the amount it believes non-preferential creditors are owed by the collapsed parcel carrier.
However, it said it is still waiting to hear from creditors that are owed a total of £12.8m that have not submitted a claim.
As of 24 June non-preferential creditors had made claims totalling £46.7m, up from the estimated £27.2m administrator Ernst & Young (EY) reported in July 2015.
In its latest progress report, EY said it intends to write to creditors to give them a final chance to claim before a dividend is paid. It expects non-preferential creditors to receive 1p for every pound they are owed.
Former parent Better Capital has so far received £21.6m of the £47.7m it is owed, an increase on the £20m sum it expected to receive.
EY anticipated that more money will be available to the business turnaround firm once administration expenses and other fees are paid, but it does not expect it will receive all the money owed.
Target Express, the parcel carrier City Link acquired in 2006, received £2.6m with a further payment of no more than £100,000 intended to be made following property sales.
The report added that all employees’ overtime, holiday pay and pension contributions were settled in March 2016 at around £1m.
Other fees owed to employees are expected to total £7m, while the government’s Redundancy Payments Service is in the process of settling employees’ rewards.
Some 340 former City Link staff won a maximum pay-out earlier this year after an Employment Tribunal ruled that the operator failed to properly consult with its employees ahead of its administration in December 2014.
