Slim pickings left for Challenge Steel creditors

Challenge Steel’s liquidators have spent more on fees than the sum recovered for creditors, as they chase a major debtor through the courts. The steel firm collapsed in 2016, with 40 unsecured creditors owed an estimated $6.1 million. ‘‘It is uncertain whether any recovery to unsecured creditors can be achieved,’’ liquidator Colin Gower of BDO said. Since October 2017 he has made total payments of $1,007,221, including $359,450 on legal fees and $188,311 on the liquidators’ remuneration. The first secured creditor has received $6727, and $169,351 has gone to employees. Other professional fees have taken $88,539, and smaller amounts have been paid for rent, IT support and minor expenses.