HMV administrators end up the big winners

Accountants Deloitte, who were appointed administrators of UK music retail giant HMV, will invoice for a total of £11.7 million, though the accountancy firm says it is likely that 'only'  £8 million will be paid. Meanwhile two law firms who advised on the administration, particularly on employment law matters, will receive more than £3 million between them, Linklaters getting £2.3 million and Simmons & Simmons £1.1 million. Another intersting payment is £2.7 million invoiced by Retail Agents 260, a retail industry consultancy that provided advice to the accountants. It's interesting because Retail Agents 260 is a wholly owned subsidiary of Hilco the company who then bought the HMV business and took a streamlined version of the company out of administration. HMV's unpaid creditors are likely to see only nominal payments, if anything. Amongst creditors owed about £230 million are HM Revnue & Customs, former landlords of shops,  one-time HMV owner EMI, and the HMV pension scheme, which may have to rely on the government-backed Pension Protection Fund to plug the gap.