A DEFUNCT Bradford Bulls company owes creditors £2 million a year on from when it went into liquidation, a new report reveals.
The figure - £1.97m to unsecured creditors and £31,000 to preferential creditors - is revealed in a report by liquidators the P&A Partnership, which produced the first annual progress report into the former Bradford Bulls Holdings as a statutory requirement one year on from liquidation.
Brendan Guilfoyle, joint liquidator, said the debt will never be met. He added that he did not know who the creditors were.
He added: "That money will never be seen.
"We have complied with a statutory requirement. The directors co-operated fully and we submitted our report.
"There is nothing exceptional there - it is much smaller than football."
The £1.97m is an increase from £1.3m of debts the defunct Bulls company had when it plunged into administration, before then entering liquidation, last year.
The report covers July 1 last year to June 30 this year and includes figures of £1,258 for liquidators' expenses and disbursements, and £16,268 for the work done on the report.
The total figure includes £558,480 yet to be claimed by HM Revenue and Customs.
The report states: "Pursuant to rule 11.7 of the Insolvency Rules 1986, I am required to give notice to creditors that the joint liquidators are unable to declare a dividend to creditors as the funds realised have been used in defraying the expenses of the liquidation."
It finishes by stating: "The joint liquidators are required to provide creditors with an annual progress report within two months of the anniversary of the liquidation. Should the liquidation have been completed prior to the anniversary then a draft final report will be issued prior to the convening and holding of the final meeting of creditors."
Last year, a progress report into the financial affairs of Bradford Bulls Holdings by the P&A Partnership shows the former company had moved into creditors voluntary liquidation after receiving £28,681 claims from preferential creditors and £1,120,667 from unsecured creditors.
The Telegraph & Argus reported last year that creditors of the former company include Revenue and Customs, Bradford Council, and Integrated Bradford LEP.
Smaller Bradford businesses Panache cheerleading school, Direct Cleaning Bradford and Wakefield’s County Catering Special Event were among others to lose out when the company collapsed.