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Deloitte adds £5.5m to Woolworths administration bill
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08 January 2010
Deloitte's expenses have doubled since it last reported to creditors in May. The latest bill includes fees paid to retail experts — which have soared from £2.8 million to £8.4 million, and legal costs rising from £2.3 million to £3.4 million.
The group said preferential creditors — such as employees who are owed wages — will be paid in full, up to statutory limits. But unsecured creditors are unlikely to receive any money back from the collapsed business.
Deloitte's fees are, by law, also considered preferential and so are paid with secured creditors.
In its latest report on the bust high street chain, Deloitte also extended the period of administration until 26 May because of what it called the difficulty of what is an extremely complex job.
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