No better news for creditors as 2e2 Group laid to rest for good

Companies dissolved with final administrators' report revealing no returns at all for unsecured creditors

2e2 Group Limited has been dissolved for good, with the administrators' final progress report confirming that unsecured creditors have not received a penny.

Documents filed with Companies House this week reveal that registered entities 2e2 Group Ltd, 2e2 Investments Ltd, and 2e2 Holdings Ltd have now all been dissolved eternally. Included in the filings is a final progress report from administrators FTI Consulting covering the period from 28 January to 18 July.

The report reiterates that there will be a "significant shortfall" in attempts to pay back the £257.2m owed by 2e2 to secured creditors, and no further payments have been made since 28 January. There are no preferential creditors - a designation limited to employees - with any claims against the trio of companies, the report reveals.

"In any case, no dividend would currently be expected to be available to preferential creditors of any of the companies as floating charge realisations have not exceeded the administration costs in any of the estates," the administrators add.

The only hope for unsecured creditors had been the prospect of money raised from the sale of assets being used to create a floating charge from which they could be reimbursed. But there were no asset realisations across the three companies, meaning all bills to unsecured creditors remain entirely unpaid.

As of the last administrators' progress report in January, more than 90 per cent of 2e2's enormous debt pile remained unpaid, a year after it hit the wall.