Preferential creditors resulting from the collapse of Monarch are to receive some money owned to them but unsecured creditors will get nothing.
The details are outlined in a progress report for the six months to October 1 published by joint administrators KPMG.
It shows that preferential creditors, Monarch’s employees, will be paid by December 31. The amount of preferential claims is estimated at £2.7 million.
But there will be no return to unsecured creditors, as projected in the first creditors’ report issued this time last year.
Monarch failed owing £466 million in October 2017 with 1,858 staff of the airline and Monarch Travel Group made redundant. The collapse resulted in the government flying home 85,000 passengers from overseas at a cost of £60 million.
The latest update lodged at Companies House reveals that £54 million was recovered from the sale of the airline’s take off and landing slots.
The sale of the company’s former head office at Luton airport realised £4.26 million.
Around £2.3 million in credit card receipts and other refunds was also recovered.
Secured creditor Petrol Jersey Limited has received £55 million plus £5 million from Monarch Holidays.
“The majority of other sundry refunds have been received where recoverable,” the report said. “There are a small number of amounts due that we continue to pursue to realise more money for the estate.
“We have reviewed the affairs of the company to find out if there are any actions which can be taken against third parties to increase recoveries for creditors. No causes for action were identified.”
KPMG was granted an order to extend the administration period for two years to October 2020 in an effort to realise any residual assets and to complete the company’s tax position.