Brewdog Administrators Say the Money Isn't There for Creditors

Administrators handling Brewdog after its takeover say about £489,000 was owed for staff wages and holiday pay, and £2.4 million was owed to HMRC for unpaid VAT — amounts they describe as insufficient funds to pay out. That is the plain sequence of an insolvency: wages and tax arrears sit at the front of the queue, and the question is whether the estate covers them at all.

The wage figure and the VAT figure together are a useful reminder of how quickly a company's obligations outrun the cash in the room.