Misco's unsecured creditors to receive £600,000 of £22m owed

Administrator says Misco's Wellingborough property sold for £6.125m and £13.5m has been collected from debtors, but creditors will only receive payment via the prescribed part

Misco's unsecured creditors are set to receive just £600,000 towards the £21.8m they are owed by the fallen reseller.

According to an administrator's report made available on Companies House, Misco only has funds available to pay unsecured creditors by way of a prescribed part.

The administrators said that the prescribed part has been worked out at £600,000, based on the net value of Misco's property being calculated at £8.3m.

Misco went under last October owing millions of pounds to a host of channel players, after an unsuccessful bid by its new owners to save the ailing reseller.

The report also reveals that Misco's Wellingborough office has been sold for £6.125m, and the administrators are also "liaising with interested parties" over the sale of a property in Greenock, Scotland.

"Surrender negotiations" have been entered into with the landlord at Misco's Weybridge leasehold property.

According to the report, Misco was owed £14m by debtors when it went into administration, of which £13.5m has been paid.

Preferential creditors - namely Misco employees - are expected to be paid the £155,000 they are owed in full. The administrators kept on 34 staff across three sites when the reseller went into administration last year.

Secured creditors Israeli bank Leumi and Systemax Netherlands have been paid in full, while HUK 76 - owned by Misco backer Hilco - will "suffer a shortfall".

The administrators will be paid "no more than £1.1m", according to the report, plus costs associated with the dealing of the prescribed part.