Creditors of online VAR Excite IT look unlikely to see any return following a creditors meeting held by administrator Ideal Corporate Solutions (ICS) last week.

The Northamptonshire-based e-tailer entered administration just before Christmas (CRN, 18 December). The assets have since been sold to a new business, Excite IT Business Ltd, which was set up by the owners of Excite IT.

Andrew Rosler, director at ICS, told CRN: “The creditors meeting took place and proposals to distribute monies to creditors once we had recovered the assets of Excite were approved. However, although the assets of Excite IT have been sold to Excite IT Business, as yet we have not seen any payment for them. We agreed deferred payment terms and should know by the end of the month if Excite IT Business will honour these terms.”

Creditors are reportedly owed more than £200,000 in total.

Creditor pressure forces Excite IT administration