Premiums collected by Carlisle broker Pattinson Edwards, which went bust at the end of last month, are safe in a trust banking account, a creditors' meeting was told.

The main insurance creditors of the company are Axa, Norwich Union, Royal & Sunalliance and Zurich. Of these, only Axa stands to lose any money as it had £10,000 in a small claims account with the broker.

The biggest loser is the Royal Bank of Scotland which was a debenture holder and stands to lose £279,363.

Assets of the company listed at £347,785 are expected to realise £15,072. Preferential creditors are owed £40,570, with the overall deficiency being £653,483.

Pattinson Edwards was established in 1972 and until recently was thought to control a premium income of around £5m.