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Debts are surging past £6m

Debts at David M Aaron (Personal Financial Planners) had risen above £6m by March this year and look set to rise further, says the firm&#39s administrator.

In March, administrator KPMG accounted for £5m in debt and a further £1.8m for alleged precipice mis-selling claims but with new claims and new debts rev-ealed, this figure is expected to rise substantially by the next creditors meeting in five months.

In March, the list of creditors showed 190 potential precipice bond claims. Individual claims have been made for sums up to £45,000, with many claims for £30,000.

Debts include £1.3m for property and more than £1m owed to firms such as Scottish Equitable and Skandia Life as well as money due to the Inland Revenue.

David M Aaron went into administration in January after a plan to sell the business fell through. The company accounts show that David Aaron and his wife Doreen each hold 1,815,797 shares in the firm.

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