Points Workers and Mcgrath Nicol

mcgrath: Key points:Workers paid in full, except for $2.1m in historical underpayments which will be paid Gift card holders and other unsecured creditors unlikely to receive any return McGrath Nicol says "too early to draw conclusions" about legal claims that may be brought The news was generally not good for creditors in McGrath Nicol report to them, released today, according to Australian Broadcasting Corporation. After having sold off Dick Smith online brand to now-listed rival Kogan in March and engaged in a massive stock clearance sale, McGrath Nicol said the failed company was still in excess of $260 million short of the amount it owed creditors. Related Story: Dick Smith enters receivership due to bad sales Related Story: Dick Smith stores to close after receivers fail to find buyer Map: Australia Dick Smith creditors are likely to be left at least $260 million out of pocket, although the collapsed retailer staff have received, or will soon receive, their full entitlements, according to the company administrator. Employees, who stand right near the front of the creditors' queue, have been paid their entitlements in full, except for an outstanding amount of $2.1 million relating to historical staff underpayments that McGrath Nicol said will be paid this calendar year. However, the worst news is for unsecured creditors, including gift card holders, and Dick Smith shareholders, who are not expected to receive any return unless "very significant" recoveries are made in the liquidation process. Banks which had issued secured loans to Dick Smith stand further down the order and "are likely to suffer a significant shortfall" in recovering their debts according to the administrator. (news.financializer.com). As reported in the news.