Circularity Scotland owed its staff, bank, and dozens of businesses more than £86.1m when it went bust in June, according to a new report filed by its administrators.
The Statement of Affairs lodged at Companies House last week shows the firm had realisable assets of £2.1m, but unsecured creditors – who are owed up to £78.6m – are likely to get nothing.
They include the waste management firm Biffa, which is owed £65m for its outlay preparing for the DRS, while Germany’s Reverse Logistic Group is owed £5m for work on IT.
Supermarkets and drinks manufacturers that paid into the industry-run scheme are also set to lose around £6m – with brewers C&C, AB InBev, and Heineken each owed almost £450,000 and Highland Spring owed £130,000.
The British Soft Drinks Association is also owed more than £3m, HMRC is owed £38,766, and 38 of Circularity Scotland’s staff and former staff are owed £1.1m.
In addition, the state-owned Scottish National Investment Bank also gave Circularity Scotland a £9m grant using taxpayers’ money which could all be lost.
