Banks to receive return from collapsed PeacocksMonday, 27 August 2012
The collapse of value retailer Peacocks hasn't meant investors
have lost all their funds.
Barclays and the Royal Bank of Scotland are to share in a 69 million pounds return from the fallen retailer, despite Peacock's pension fund being left with a 15.8 million pounds shortfall.
According to the Telegraph the two banks, part of a 17-bank syndicate which backed the clothing retailer before its collapse in January, are to receive a likely pay-out from administrators of just over 51 percent in the pound as a result of funds reclaimed.
In comparison, unsecured creditors, including the staff pension fund, suppliers and HM Revenue & Customs will receive just 0.28 percent in the pound.