Creditors and shareholders in RSM Tenon, the collapsed accountancy group, will get nothing back while Lloyds is likely to lose up to £57m of the debt owed by Tenon.
A report from joint administrators Matthew Smith, Nicholas Edwards and Clare Boardman of Deloitte said that when RSM was sold to Baker Tilly in August in a pre-pack deal a settlement was made with the bank to repay £22m of the £86m debt it was owed plus a £7m working capital adjustment.
Administrators said that there is no...
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.