Unsecured non-preferential creditors of the collapsed Parabis group stand to lose a much greater amount than first estimated, new documents suggest.

Statements of affairs into both the LLP and limited company, published this week on the Companies House website, reveal a total of £78m is owed to unsecured creditors. It had previously been estimated at £46m.

The LLP is estimated to owe around £52.8m, split almost equally between third parties and what are referred to as ‘inter-company payables’.

The limited company has a £25.4m shortfall to unsecured creditors, which includes more than £10m owed to third parties.

In total the companies posted a deficit at the time of administration in November of around £211m, according to the statements prepared by administrator AlixPartners. The figure is believed to take account of group lending.

The companies have collective book values of around £92m, although they are only certain to realise £26m at this stage. Potential revenue from accrued gain share, from services where income has yet to be received, and so-called ‘inter-company receivables’, are still labeled as ‘uncertain’.

A statement of administrator’s proposals from earlier this year showed the LLP owed unsecured creditors £31.5m when it went into administration in November last year. The limited company owed a further £16.1m to unsecured creditors.

The deal to sell off various parts of the Parabis business was believed to have saved almost 2,000 jobs across the group.

National firm Lyons Davidson bought some of the claimant division of Cogent Law and the Parabis joint venture with Saga Law in a deal estimated at £500,000.

The remainder of the Cogent Law business was sold to Merseyside firm Carpenters Law in an arrangement likely to be worth £3m.

Parabis had gained a high profile as the first law firm recipient of private equity investment, when Duke Street invested an initial £57m into the company.

But the group foundered last November following reform of the claims market and its failure to integrate the new businesses it had acquired.

Joint ventures with the likes of Direct Line, RSA and Saga failed to realise any great profits, while income was also hit when two large insurers moved significant volumes of work elsewhere. A cost-reduction programme saved £13m a year but was not enough to prevent administration.