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Wed 4th Sep 2013 - Breaking News - Ernst & Young Luminar administration earnings top £5m
Ernst & Young Luminar administration earnings top £5m: Ernst & Young has now earned more than £5m from the administration of the UK’s largest nightclub company. In a report filed this week at Companies House Ernst & Young reported total earnings of £5,318,156 in the 22 months since administration. Meanwhile, Ernst & Young has now set aside £300,000 to meet 19 personal injury claims it has received for the nine-week period it was running Luminar in administration prior to its sale in December 2011. The administrator’s insurance for the period means it has to pay an excess of £15,000 per claim – so it’s now increased the sum set aside to meet payments by £100,000. There are another 78 personal injury claims totaling £764,000 that cover the pre-administration period that count as non-preferential claims. The administrator has collected £1,320,000 in rates refunds, an increase of £207,000 since it last reported and it has 50 appeals in process – its agent has claimed £220,000 in success fees. The new owners of Luminar have paid £32,600,000 for the company’s assets so far. A total of circa £3.7m of the sale consideration was contingent on the successful assignment of 46 leasehold sites. A total of 28 sites have been assigned, crystallising £2.5m of the contingent sum. A further ten are being negotiated and eight have been vacated. An administrator’s report states: “We are in regular dialogue with the purchaser and understand they are making good progress in their negotiations with the majority of the remaining landlords. The uncollectable provision of £547,725 relates to eight sites where it has not been possible for the purchaser to obtain an assignment of the leases and one site where have agreed a reduction in the consideration payable, accounting for contingent consideration of £490,650.” Ernst & Young said it expects to receive a further £642,600 in respect of contingent consideration. Ernst & Young made a profit of £416,000 in the period it was actually running the Luminar business. Secured creditors Barclays Bank and Royal Bank of Scotland were owed £112.4m at the time of administration – a “substantial shortfall” in expected. At the time of administration there were 59 companies in the Luminar structure. The administrator said: “We continue to work with the directors of these companies to rationalise the structure. A total of 30 companies have now been dissolved with a further 12 awaiting strike off.”
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