Administrators of the collapsed von Essen hotel chain, which includes Thornbury Castle, Ston Easton Park and the Royal Crescent in Bath, are reported to be disputing a claim by founder Andrew Davis that von Essen could pay its debts in full and be left with a surplus of £2m to pay off unsecured creditors.
A valuation of the company's properties has found they are likely to be worth less than £200m compared with the £256m banks are thought to have lent von Essen.
It is reported that companies involved in fitting out the luxury hotels are also owed £1.2m with other claims totalling £276,000.
The group's 28 properties include Clivedon in Berkshire – the luxury hotel which played a key role in the Porfumo scandal. They are likely be split up rather than sold as one company.
