BeatBullying only has enough money to pay staff a fifth of what they are owed in wages and holiday pay, according to a statement of affairs filed with Companies House.
And it only has enough money to meet 6 per cent of its total debts to staff.
Altogether the charity owes just over £1m to creditors.
The charity closed in October, saying it had suffered “significant financial difficulties” and announced plans to liquidate on 7 November after rescue talks failed.
A statement of affairs released today as part of the liquidation process shows that staff are owed £41,000 as preferential creditors in arrears and holiday pay, and another £108,000 as general creditors. However the document says the charity only has assets of £8,800.
During the liquidation of a company, staff are paid wages and holiday pay first, before other creditors. Civil Society News was unable to confirm what money was owed to staff on a non-preferential basis as general creditors, however most of that money appears to be due to senior members of staff.
The statement of affairs lists 44 employees as potential creditors, although not all are shown as being owed money.
The person owed the most is Ross Banford, the charity’s former commercial director, who is owed almost £14,000. Caroline Okoyo, the former director of finance, is owed just over £13,000. And Neil Morter, the charity’s former head of safeguarding, is owed just under £12,000.
Emma-Jane Cross, the charity’s former chief executive, is listed as a creditor. The statement of affairs does not say she is owed any money, although the document does not list all debts owed staff.
The largest creditor is HM Revenue & Customs, which is owed more than £303,000. The second largest creditor is the Paul Hamlyn Foundation, which is owed £190,000. The foundation provided a loan of £250,000 in the summer of 2013, after BeatBullying first faced financial difficulties.
Partner organisations in Europe are owed £63,000.
The charity issued a document prior to a creditors’ meeting last month, in which it said it narrowly missed out on £2.3m of funding from the Department of Health and the European Commission.
Trustees also said that they received an offer to buy the BB Group via a pre-pack administration, including the transfer of staff, on 31 October but the sale was unsuccessful.
The charity has also filed several other documents today, including a notice of appointment of a liquidator – Stephen Evans, from insolvency specialists Antony Batty.
