Creditors of the controversial, collapsed Fox Street Village scheme are owed around £10m but "unlikely" to get their money back, it's been revealed.
The controversial 400-apartment project in Everton has been subject to huge controversy over the past few years, with administrators called in at the end of May .
But this week, it's been revealed that when administrators were called in, Fox Street Village Ltd owed the scheme's creditors £9.9m.
That amount includes over £6.5m owed to individual investors from around the world, BusinessLive reports .
The administrators' report, which was uploaded to Companies House , said: "As it is unlikely that there will be sufficient realisations to permit a distribution to the unsecured creditors, other than from the Prescribed Part, the joint administrators recommend that the company be dissolved once all outstanding matters have been satisfactorily completed.
"In the unlikely event that sufficient funds are available for distribution to unsecured creditors, the joint administrators recommend that the company should move from administration to creditors' voluntary liquidation."
The site, which faces out onto Fox Street close to its junction with Great Homer Street and St Anne Street, was acquired by the firm for £1.35m in late 2015.
According to the statement of formal proposals and report of the joint administrators on Companies House, construction began in 2016. By the end of 2017, over 90% of units had been sold, with four of the five planned blocks completed.
The first block is being used as an aparthotel, with the other three let to students and young professionals.
Earlier this year, Liverpool City Council put a prohibition order on one of the five blocks at the part-finished development due to fire safety fears, with hundreds of residents warned that they could be forced to leave the site.
Council planning inspectors also sent out enforcement notices over the whole 400-apartment Fox Street Village scheme , saying they were concerned the whole development was “poorly finished” and failed to meet standards.
In May, the ECHO spoke to concerned residents who had been told to leave their apartments .
According to the most recent documents on Companies House, investors in the scheme are from the UK and overseas - as far afield as Slovenia, China, Kuwait and Canada.
Those who invested in the unfinished Block D are owed almost £6m, while investors in blocks A, B, C and E are owed around £570,000 in total.
As well as the investors, creditor Liverpool City Council is owed over £600,000, while Total Scaffolding Ltd is owed over £100,000.
HM Revenue and Customs is owed over £2.6m.
PH Invest is listed as a secured creditor - and is owed just over £1m.
Valuers and auctioneers Lambert Smith Hampton have been instructed to find a buyer for the unfinished block, which "might be in the region of £500,000".
Last month, the ECHO revealed that both Fox Street Village went into administration on May 30 of this year. The sole director of the company is Gary Howard.
The company owns the Fox Street site. Linmari and Fox Street Village are both behind the Fox Street development project.
Kerry Tomlinson, now a formation director at HQI, was previously listed on the Companies House site as a director of Fox Street Village after being appointed in September 2014, but resigned in February 2017.
In July, the ECHO also revealed that Linmari Construction Limited went into liquidation on April 12 with a deficit of over £1million.
The ECHO understands the company entered into a creditors voluntary liquidation - a process when the directors of a company wish to wind it up. Records on the Companies House website revealed that HM Revenue and Customs has submitted a claim to the company for £966, 489.61.
Fox Street Village Ltd was contacted for a comment.
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