Penny in the pound for creditors

Administrators Grant Thornton said in a letter received by creditors that there would be just £224,000 available to unsecured creditors, according to Shetland Marine News. The organic cod farming venture, based in Shetland, went under with debts of around £40 million on 19 February last year, when bankers Kaupthing, Singer and Friedlander cancelled the company's loans and overdrafts. Since then, the UK subsidiary of what used to be Iceland's largest bank has gone into administration itself. Joint administrator Rob Caven said he was unable to conclude the No Catch administration due to the bank's own administration process. In his letter to creditors, Caven said that based on current outcome estimates he expected the net property realised under the floating charge will result in a prescribed part (the amount available to unsecured creditors) of the order of £224,000 - resulting in a return of circa 1.11p in the £ before costs of distribution. Caven also reported that No Catch had now ceased trading and all assets, apart from the former processing factory in Scalloway, have been sold, the news source wrote.