Troubled online reseller Grouptrade.com will be placed in liquidation by the end of the year.
A creditors' meeting held on 4 September decided that the firm, which went into administration in May, is to be liquidated within three months.
According to the creditors' report, it owed an estimated £2.3m, including large amounts to distributors Computer 2000 and Ingram Micro.
In a report to creditors, insolvency practitioner Christakis Iacovides, from administrator Jeffreys Henry Jacobs, stated: "It appears that the company was over-staffed, with as many as 15 members of staff sitting in on management meetings. This led to policy problems and personality clashes."
The report also confirmed that the business assets were sold at the end of August to a third party for £50,000.
Nitin Joshi, partner at PKF, which is representing several creditors, said: "There are a lot of questions that need answering, but it would appear that the business assets sold will just about cover the costs of administration, with nothing left. The creditors are not very happy with the situation."
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