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Accounts shed light on Pinnacle's #3.2m debts.
Figures reveal creditors' shortfall
By Ben Cardew
The full extent of Pinnacle's devastating collapse has come to light, with accounts revealing that the failed distributor owes around #3.2m to 571 creditors.
Administrator BDO Stoy Hayward, which was appointed to Pinnacle last December, has sent out a statement to creditors, in which it reveals that the company owes #3,184,714.71 in total.
Notable creditors include Ace Records, which is owed #19,855.23, Arvato Services (#39,957.67), 2 Entertain Management (#39,504.45), EMI (#870,103.76), FatCat (#23,569.65), Proper (#39,356.59) and Universal (#351,932.50).
There was some good news for Pinnacle's unsecured creditors - typically the last to be paid when a company enters administration.
The report notes, "On present information, the administrators believe that a significant distribution will be payable to the company's non- preferential creditors in due course, after the claims of the preferential creditors have been settled in full."
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