Administrators acting for the Christmas Hamper business Farepak who collapsed in October 2006 say that creditors are likely to receive some payment soon although the majority of the 122,000 customers are unlikely to receive much more than five pence for every pound they have lost.
Around 6,000 customers and agents have had their claims that they are owed money accepted by the courts and they will be receiving cheques in the post.
Farepak had allegedly set up a trust fund shortly before the business went into administration but the fund had not been set up properly leaving the administrators asking for guidance from the court to determine if the trust existed and if so who the money should go to.
Work is still continuing in an effort to secure further money for the benefit of all creditors.
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