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Thu 2nd May 2013 - Breaking news - E&Y set to earn £5m from Luminar admin
Ernst & Young set to earn £5m from Luminar administration; banks set for £90m shortfall: Administrator Ernst & Young has reported that it has collected £32.2m so far from the sale in December 2011 of the collapsed nightclub company Luminar to a consortium led by Peter Marks. A total of £15.9m was paid at the time of the sale, with the remainder of the total price of £33.9m payable on a contingent or deferred basis. Since the sale, £14.2m has been paid on a deferred basis. A further £3.7m of the sale price was contingent on the successful assignment of 46 leaseholds to the Marks consortium. To date, 23 assignments have been agreed, realising £2.06m of the contingent sum. A further 16 are still being negotiated. The Marks consortium has not been able to agree an assignment on seven sites and an eighth has seen the sum payable reduce, which means £1,063,000 will be uncollectable. A further seven sites are proving problematic to assign, accounting for £622,225 of the sum owed. Ernst & Young made a profit of £415,331 for the seven weeks it ran Luminar. The administrator has also set side £200,000 to pay for 19 personal injury claims made by customers when it was trading the business. A further 123 personal injury claims, totaling £1,900,000, from the pre-administration period, rank as non-preferential claims. The administrator has also collected £1,082,000 from the historic over-payment of rates, with a further 66 appeals in process. Lloyds Bank, Barclays Bank and the Royal Bank of Scotland were owed £122,400,000 by the company at the time of administration, suggesting a shortfall of £90m. From 27 October 2011 to 25 January 2013, Ernst & Young has incurred time costs of £4,695,000 – it has also charged £247,336 for pre-administration costs and expects to charge a further £250,000 for the extended administration set to end in April 2014. Ernst & Young reports that on the date of its appointment Luminar had 59 subsidiary companies. It said: “We are continuing to work with the directors of these companies in order to rationalise the group. A total of 31 companies have now been dissolved with a further 13 awaiting strike off.” 
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