The brand's parent company overstated its accounts by at least £94 million.
The administration of Patisserie Valerie has been blocked after creditors to the collapsed chain rejected plans by KPMG to wind down the business.
Specifically, creditors voted against the firm’s proposals on how to handle the administration, as it warned it was “uncertain” whether there would be enough money to repay them.
KPMG must now negotiate a deal with the creditors in order to proceed. In the event the two parties cannot agree, the administrator will have to apply to the court for directions, which could result in the company being liquidated.
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