Nottingham City Council is unlikely to recover any of the over £2.6 million it loaned and was owed by the now-liquidated Nottingham Castle Trust. The council, the biggest creditor, may have to write off the entire amount. The trust, which ran the castle for just over a year, owed nearly 50 organizations a total of over £3.5 million. Liquidators have so far only been able to recover around £38,000 from a Gift Aid claim with HMRC and say it is uncertain whether unsecured creditors will receive any dividends.
It is increasingly unlikely that Nottingham City Council will get any money back from the trust which ran Nottingham Castle for just over a year before going bust. The Labour-run authority provided a loan of around £1.8 million to the Nottingham Castle Trust and had £821,000 worth of unpaid invoices outstanding.
Should Nottingham City Council have managed its finances better over the last 10 years? Let us know here Other major unsecured creditors include Arts Council England, who were owed £1 million by the Nottingham Castle Trust. The Nottingham Castle Trust owes more than £3.5 million in total to its unsecured creditors, but liquidators have not managed to pay out a penny to them since they started work in December 2022.
NOTTINGHAM CASTLE TRUST LIQUIDATION DEBT NOTTINGHAM CITY COUNCIL CREDITORS
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