Secured creditors, led by the financial investors who backed Comet, are expected to receive a return of 34p in the pound, while unsecured creditors, including HM Revenue & Customs which is owed £26.1m, will receive nothing.
I sorta expect this to cause another kerfluffle. HMRC being an unsecured creditor means that The State loses out when a company goes bust. And we know that The State losing out is a terribly bad thing.
I’ve got at the back of my mind that HMRC being unsecured is a recent thing. But that might just be my faulty memory.
The other side of it is that if HMRC were secured then many more businesses would go bust much sooner. Which is why it isn’t of course.