More than £1m is owed to Beatbullying creditors

Updated documents filed with Companies House show that the anti-bullying charity had assets of only £8,800 when it went into liquidation on 7 November

BeatBullying
BeatBullying

The amount of money owed to Beatbullying’s creditors has risen to more than £1m, according to updated liquidation documents filed with Companies House yesterday.

The statement of affairs document shows that the anti-bullying charity, which went into liquidation on 7 November after experiencing financial problems, now owes creditors at least £1,015,578.

Third Sector revealed last month that creditors were owed £988,902, but the figure has risen above the £1m mark after HSBC Bank made a claim of almost £27,000, according to the latest document.

The document also shows the charity had assets of only £8,800 when it went into liquidation.

The actual figure owed to creditors could rise substantially because about a third of the 194 creditors do not have a figure against their name while their claims are assessed.  

The broadcaster ITV is among the creditors listed without a figure, but has said it might seek to recoup the £850,000 the charity received from its Text Santa appeal in 2013 if the charity’s trustees were unable to satisfy it that the money was spent in accordance with its rules.

Staff are currently listed as being owed a total of £40,953 as preferential creditors in wages arrears and holiday pay, but this figure could rise because 33 of the 44 employees listed as creditors do not have a figures against their names while the amounts owed are being assessed.

Ross Banford, the former commercial director of Beatbullying, is the employee owed the highest amount, £13,855. Caroline Okoyo, the charity’s former finance director, is owed slightly more than £13,000.

The largest creditor remains HM Revenue & Customs, which is owed more than £303,000. The Paul Hamlyn Foundation is owed £190,000. 

In the liquidation process, any money recovered goes first to liquidation expenses and secured creditors, such as HM Revenue & Customs.

Next come preferential creditors, which include staff claiming for unpaid salaries, holiday pay and contributions to pension schemes. 

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