Hopes are fading among the unsecured creditors of distributor Light Computer Systems (LCS) over the likelihood of recovering any money.
Accountancy firm Springfields Business Recovery and Insolvency formally placed LCS into liquidation at a creditors meeting held last Tuesday. Springfields will use any remaining LCS stock to pay off some of the debt.
However, Situl Raithatha, director at Springfields Business Recovery and Insolvency, said: “It is not expected that unsecured creditors will see any funds returned to them.”
Eddie Pacey, director of credit at Bell Microproducts Europe, said: “We will have to write off the debt. There are very little legal routes we can go down to try and reclaim the debt.”
Fritz Johnsen, financial director at storage distributor Hammer, said: “We didn’t really expect to get any money back.”
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