£47,000 more of Immuno Biotech money paid to creditors

Tuesday 31 July 2018

The Royal Court has ordered Immuno Biotech Ltd's seized assets to be used to pay off a number of its debts.

A total of £47,762.73 was collected by HM Sheriff after a large amount of gold and silver bullion was sized and sold, along with £1,000.

It was decided that the money available to pay off the debts would be distributed according to a list of priority.

That list deemed it would be given to the States of Guernsey to cover some of the costs it incurred in its involvement with Immuno Biotech and GcMAF and also a former employee of the company; Ms Pagliaroni. 

£5,915 was allocated to be paid to Ms Paglioaroni, while £38,107 was allocated to be paid to the States. Additionally, £456 was ordered to be paid to HM Sheriff. The decision did leave a number of creditors with no payments set to be made to them, however the law in Guernsey does not devolve Immuno Biotech of all of its debts, as it would have in the UK.

If the business does begin to earn money again, or run into new assets of value, it would still owe those so-far unpaid creditors the money. In the UK, the company's debt would now be wiped but that is not how it works in Guernsey. 

Those further debts which currently remain unaccounted for include £270,000 more owed to the States of Guernsey.

The Jurat overseeing the hearing said that this decision concluded matters as they stood, but if further funds were found to be able to pay creditors, a second hearing would be held.