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PNG creditors owed £132,000

Premier Network Group owes an estimated £132,000 to creditors including former appointed representatives, providers and HMRC, but has just £5,000 in assets with no funds set aside for liquidation costs.

PNG went into administration earlier this month and insolvency practitioners Elwell Watchorn & Saxton were called in.

At a creditor meeting on Wednesday, EWS produced a list of creditors and money owed, including a statement of affairs as at May 20, 2009.

According to the list, seen by Money Marketing, PNG owes £1,590 in VAT to HMRC and £25,966 to HSBC, which provided a £20,000 overdraft facility and a company credit card.

The network owes Legal & General £11,640, as well as significant sums to Aegon, Axa, Bright Grey, Bupa, Friends Provident, Norwich Union and Scottish Provident.

Appointed representatives of the firm, some of which have already moved to other networks, are owed an estimated £49,152 and other trade creditors are £48,382 out of pocket.

Money Marketing revealed last month that several appointed representatives were threatening to launch legal action over outstanding renewal commissions and procuration fees.

PNG chairman Steve Moorley disputes monies owed to a number of trade creditors, who he says did not conform to their “contractual agreement”.

EWS says a distribution is “unlikely”.

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