Zolfo Cooper is examining if it can recover £594m from Propco Group for creditors of companies linked to Vincent Tchenguiz.
The administrator said in a report filed at Companies House this week that it had discovered the outstanding loan from Propco, one of the Tchenguiz Family Trust’s companies, The Times reports. The intercompany loan had sat on the balance sheet since Peverel was restructured four years ago, Zolfo Cooper said. The administrator said Peverel Group, Peverel Ltd, Aztec Opco and Aztec Acquisitions could not be rescued as going concerns and would be sold. The Daily Telegraph says this is likely to mean Bank of America Merrill Lynch will not recover all the £136m it is owed. Vincent Tchenguiz’s spokesman said the administrator’s report was “opinion”.
20/05/11 Times 40, 41
Daily Telegraph B1
