Lloyds Bank is set to lose out on around £57m of the total lent to RSM Tenon at the time the firm went into administration, while there is no prospect of any funds being returned to unsecured creditors and no return to shareholders, according to the most recent statement by administrators Deloitte.

RSM Tenon was sold to Baker Tilly in a pre-pack deal at the beginning of September which totalled around £30m. This was made up of a £1m cash consideration for shares in RSM Tenon Ltd, £22m in settlement of the bank debt, and a £7m working capital adjustment. Deloitte says RSM Tenon's total secured indebtedness at the date of appointment was around £86m, and it is likely to see around £29m returned.

Premier Strategies Ltd (PSL) which was formed in 1998 and became an RSM Tenon subsidiary in July 2004, is in administration and was not included in the pre-pack. Its principal activity was the selling of various corporate and personal tax schemes, and it closed to new business in 2012 following the introduction of a general anti-tax avoidance rule. The administrators note that HMRC has subsequently challenged all of PSLs' tax schemes, and report that HMRC's enquiries into these schemes 'remain on-going'.

Deloitte has so far billed around £265,000 for work on the RSM Tenon administration and £121,000 for work relating to PSL. The law firm CMS has billed £26,000 for RSM Tenon work and £15,000 for work on PSL, and is likely to charge a further £50,000 in fees across both companies.