The FT reports that approximatley £170m owed to unsecured creditors in collapsed mobile phone retailer Phones4U will be almost entirely wiped out.
However, creditors who own Phones4U’s £430m worth of senior secured notes, which are listed on the Irish stock exchange, “may recover” 20 per cent to 24 per cent of their money, as their debt ranks higher up the legal ladder for repayment priority in an insolvency.
Tax does have to be taxing.
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