Those are the trade creditors, who are standing in line holding invoices dated before the final insolvency event.
But there is a list of much bigger amounts to the loan holders - a few posts above it was 110M GBP, and that was for the FY 2012, so I guess it is much larger now.
If it was just the 31M to trade creditors somebody would have snapped it up in a heartbeat, finished the season for a couple of million and claimed the 35M prize money - Haas or somebody else - and been roughly net zero to get the assets and entry.
But by assuming the entire company you also assume the debt. Any offer for the business would have to be negotiated with the "bond"/loan holders - and if nobody could reach an agreement with them, the company would be liquidated, which is what is happening. I assume the debt holders wanted more than the offers of "zero, mate", but that is what they will be left with in the end.
In this case the "bond"/loan holder lose the entire sum, as bank overdrafts are ALWAYS first in line (usually they have a lien on the assets and typically also personal guarantees), trade creditors are second in line, and bond/equity capital are 3rd and 4th respectively. So by the time you give money to LLoyds, there won't be much left for trade, and it will be divided across them in proportion to the amount owed. I went through this once as a trade creditor to a motorsport-related company that went busto, ended up with about 24% on the invoice dollar.
But for acquirers, letting it go bankrupt is the right thing to do. Third parties can pick up all the equipment at knockdown rates instead of assuming that - frankly - insane
This signature is encrypted to avoid complaints, but it makes me laugh out loud:-
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