BHS administrators have protested against the retailer’s imminent liquidation, accusing creditors of failing to wind down the business quickly.
According to a report by BHS joint administrator Duff & Phelps obtained by Sky News, transferring SHB Realisations Limited – the former name for BHS Limited – from administration to liquidation would reduce overall returns to creditors.
The progress report also revealed that unsecured creditors are likely to only receive a maximum of 8p in the pound following the collapse of the retailer.
The Pension Protection Fund has asked for the liquidation process to begin by 24 November, however this is likely to be delayed as the company’s other administrator, FRP Advisory, is then taking over as the sole liquidator.
The report said “substantial knowledge and relationships since the appointment date which would result in better realisations and/or lower costs when finalising matters” means that it is not yet the right time to liquidate the business.
It also said that demand for BHS properties from landlords and for paying premiums have reduced since the EU referendum.
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