Law firm Cobbetts is days from liquidation leaving creditors facing a paltry return.
More than 175 years of trading at the firm, which was bought in a pre-pack deal for £3.9 million by DWF, will come to an end before July is out.
The cost of administration at Cobbetts has now topped £1 million, with the likes of Lloyds Bank, The Wesleyan, Syscap and Close Leasing among the creditors.
However, unsecured creditors are set to be disappointed with reports in the legal press suggesting they are in line for just 2p in the pound.
Cobbetts ran up total liabilities of more than £90 million before its collapse, after agreeing huge lease deals.
An earlier report from KMPG revealed the firm owed £74.4 million in outstanding lease agreements following four office moves in a relatively short period - including to its One Colmore Square base in Birmingham.
The pre-pack sale saw 419 of Cobbetts' employees and partners from its four offices, in Birmingham, Manchester, Leeds and London, transfer to DWF.
The finance litigation team was acquired by Walker Morris in Leeds.
The latest administration costs are detailed in a third administrators' progress report by KPMG, which reveals the professional services firm incurred £1.1 million in costs up to June 6 this year.
KPMG's costs represented 3,226 hours of work at an average rate of £336 per hour.
The administration cost will also include a further £300,000 in expenses, incurred by KPMG between December 2013 and June this year, including £235,000 in administrators' fees.
At the date of the administrators' appointment in February 2013, Cobbetts owed £7.3 million to Lloyds Bank, of which £2.3 million was secured and the bank will be reimbursed for that amount in full.
The administrators' progress report stated: "It is anticipated that Lloyds' secured claim and any preferential creditors will be repaid in full with sufficient funds available to make a distribution to the unsecured creditors."
A creditors' committee was formed in April 2013 with a view to representing their interests.
It included Wesleyan Key Business Finance, Syscap, Close Leasing, New Ireland Assurance Company and former Cobbetts' partner Andrew Wright. Mr Wright has since resigned as a member.
Wesleyan has made a claim to secure a £117,930 insurance refund.
The administrators' report said: "The Wesleyan are contending that, as the premium for insurance policy against which the refund has been received was discharged from money loaned to the LLP by the Wesleyan, under the terms of the loan agreement, any refund is due to them.
"Our solicitors are currently investigating the validity of the Wesleyan's claims to these funds."
Close Asset Finance had already agreed to accept a settlement of £120,000.
Further costs incurred during the administration included legal fees of £65,000 paid to Pinsent Masons and £30,000 for a detailed search of Cobbetts' e-mail server carried out by KPMG's forensic IT services, which was requested by the creditors.
Uncertainty surrounds unsecured creditors, who were owed £91.6 million when Cobbetts went into administration, though some reports in the legal press have suggested they could receive just 2p in the pound.
The joint administrators confirmed they had written to unsecured creditors on June 20 to say the "prospect of additional realisations" may be enhanced if an additional liquidator were to be appointed as it moves Cobbetts closer to liquidation.
It is understood Lyn Vardy and Toby Underwood of PwC will take over as liquidators.
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