Parent company BrewDog PLC is still expected to pay its preferential creditor, HMRC, in full for £3.66m tax owed – mainly VAT and excise duty.
Brewdog’s biggest debt was to financial services group HSBC, which was owed more than £61m across various banking arms.
It has recovered tens of millions of pounds, but still faces an estimated shortfall of £16.8m.
The report noted that this could be reduced through asset sales in the United States.
Private equity backer TSG, which took a 22% stake in the brewer in 2017, is set to lose £27.6m.
Brewdog also owes around £190m to unsecured creditors. They are expected to receive less than a penny in the pound of what they are owed.
