ADMINISTRATORS have taken steps to secure the assets of the two men who bought the Midland Hotel - Jared Brook and Lincoln Fraser.
Mazars, who are acting on behalf of investors, are also investigating accounts and seeking explanations of some of the business transactions of the pair.
They have recently obtained freezing orders and searching orders in respect of Messrs Brook and Fraser' s personal and business interests.
In a statement issued by Steve Wood and Marcus Wide of Mazars it says: "Based upon the initial information that is available to us we believe that it would be prudent for investors and creditors to expect a substantial write off against their claims and that recovery will be a protracted, difficult and drawn out process."
It is not known at this stage how Morecambe's Midland Hotel will be affected by the collapse of the duo's business empire.
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