Claims Direct creditors will have to wait "at least" two to three years before they see any money from the failed ambulance chaser.

Administrative receiver Bob Maxwell of Deloitte & Touche told a creditors' meeting on Tuesday they were in for a long wait despite the sale of many parts of the business.

Receivers have raised £6.5m, compared to the £6m owed to unsecured creditors.

Maxwell said creditors would not be paid until all 51,000 claimants' cases had been run off.

Any increase in the number of uninsured cases or in failed cases could leave Claims Direct's bankers, First National Bank, with a huge liability.

Maxwell said the run-off of the remaining cases was "critical" to creditors' chances of getting cash.

This could take two to three years, he said, after which it would be known if creditors would receive payments.

There are about 2,000 unsecured trade creditors, including franchisees and claims managers. The Claims Direct brand and other assets were sold in August after the company went into administrative receivership in July.

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