Harlequin Property, the UK-based overseas property sales agent which is at the centre of a Serious Fraud Office investigation, is owed £86m by its overseas development arms and related businesses.
The sum is detailed in the administrators report for Harlequin Management Services South East, the UK arm sales of the Harlequin group which entered administration in April.
It includes £30m owed to Harlequin Management Services by Harlequin Developments and £22m owed by Harlequin Property SVG. The rest is made up of monies owed by other Harlequin hotel and development arms registered across the Caribbean.
Next to each of the valuations of money owed by the various overseas development and trading companies, Shipleys, the administrators, have put that the estimated realisable value is "uncertain".
Regulatory Legal, a law firm which acts on behalf of some Harlequin investors, said Harlequin Management Services is entitled to ask for the £86m to be repaid.
"This sum is huge and if the joint administrators seek repayment then it is our view that it could not be repaid. This action would surely lead to the liquidation of the overseas companies.
"The administrators are unlikely to permit an agreement with the Caribbean companies in relation to the £86,341,302.41, if a short period after, one or all of the companies become insolvent due to investor claims."
From the information provided by the Harlequin directors, Shipleys said it anticipates that unsecured creditor claims against Harlequin Management Services will amount to £89.1m. To date, the administrators have received unsecured creditor claims totalling £6.1m.
Shipleys said it has received numerous claims from company investors, however, it said it appears from the documentation that has been provided that Harlequin only acted in an intermediary capacity between the investor and the relevant overseas companies - therefore Shipleys are not recognising these potential investor claims, though it said it will take legal advice on this.
In its report, Shipleys said it believes that rescuing Harlequin Management Services as a going concern is "achievable".
However it is not ruling out a break up of the company and the liquidation of its assets.
The report also shows that Harlequin Management Services owes its staff an estimated £1m in unpaid commission, and puts the company's total liabilities at £83.6m.
Regulatory Legal added: "The joint administrators cannot be in limbo forever. They will either need to approve a Company Voluntary Arrangement (CVA) or place Harlequin Management Services into liquidation.
"Everything therefore depends on the ability of the directors of Harlequin Management Services and the Caribbean companies (the Ames's) to persuade the joint administrators that there is any prospect of repayment. This has to encompass the investors as they represent the "clear and present" danger to any CVA."
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