RJ Temple creditors are owed more than £1.5m

24 July 2003 0:00 am

Creditors of the collapsed IFA RJ Temple are owed over £1.5m, say liquidators KPMG.
Those listed at a meeting last week to decide how the remaining £600,000 of company assets will be distributed include Allied Dunbar, the Inland Revenue and BT Contract Rentals.
A document from this meeting seen by Money Marketing shows the total bill owed to unsecured creditors is more than £1.5m. The Revenue, owed £126,135, will be the first creditor to be paid followed by any unsecured creditors.
If any assets remain after this point, the preference shareholder is Alexander Rich-ard Holdings, a non-trading private firm whose chairman is RJT founder Richard Temple.
As revealed in MM, the Financial Services Compensation Scheme will pick up the tab for any future compensation claims made by investors against RJT.
KPMG liquidator Finbarr O'Connell says: "Certain creditor claims will be subject to mitigation, property leases, for example. The total trade and expense could increase or decrease so these will not be final figures."
Former RJT chairman Geoffrey Morphitis says: "We do not know what we will be left with after liquidation but there will be no money for RJT shareholders."

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