Insolvency firm Kelmanons Costa Business Solutions was appointed as administers to The Mortgage Times Group on Tuesday, Mortgage Strategy can reveal.
John Kelmanson, managing partner at Kelmansons, says the secured creditors are the priority, but other creditors including appointed representatives could also be paid something.
He says it is too early to put a figure on how much is owed, but says: “The directors anticipate a substantial return for secured creditors, and if we are able to maximise returns from the assets of the business hopefully all creditors will receive something.”
The firm is currently gathering information and writing to all creditors, which he says will take a few weeks.
It says it is considering all options, one of which is selling parts of the business to interested parties.
Kelmason says: “There’s a lot of people in the industry that are interested.”