In their latest progress report, for the period from 14 May to 13 November 2012, joint administrators Mark Firmin, Howard Smith and Brian Green said that they did not expect their to be sufficient funds to make a distribution to the company's unsecured creditors.

Furthermore KPMG said that it was unlikely that secured creditors HSBC Bank and its Invoice, Equipment and Asset Finance subsidiaries would recover their indebtedness from the group in full.

HSBC is owed around £14.4m in total, including £5.4m owed to HSBC Bank, £3.1m to HSBC Invoice Finance and £5.9m owed to HSBC Equipment Finance and HSBC Asset Finance.

According to the latest progress report, all £3.1m owed to HSBC Invoice Finance has been repaid. However, HSBC Bank is still owed £162,824.18 and HSBC Equipment Finance and Asset Finance are still owed £2,929,147.74.

In the period in question, the administrators realised a further £214,850.27 from fixed charge assets, £1,040.55 from an intercompany debt and a contract sale, and £68,654.58 from other realisations. The cost of realisations was £96,075.62 while there was also a £50 bank charge.

This left the current deficit to secured creditors at £2,903,552.14.

Pindar's trade creditors totalled some £6.5m at the time of its administration, while it had an outstanding HMRC debt of £4m and a £90m deficit to the Trustees of its final salary pension scheme - based on the theoretical value of buying out the scheme.

Further details of the amounts paid to the administrators for the various Pindar divisions that were sold are listed in and earlier progress report and are as follows: Scarborough web offset plant £2.5m; Cartography division £22,500; Confidential printing division £92,146; Agility software business £217,500; chattel plant and machinery £3.2m.

The administrators achieved a profit of £443,348 whilst trading the divisions in administration and have put in a bill for £970,725.02 plus £23,453.80 expenses.