The owners of Derbyshire-based dealer Prema Systems were declared bankrupt last Tuesday after running up combined debts of over #300,000.
Creditors included Midland Bank (#95,000); American Ex-press (#76,000); Ideal Hardware (#25,000) and Micro Peripherals (#2,600).
Husband and wife team Kam and Sandra Lum were individually declared bankrupt following action taken by Ideal Hardware. Kam Lum owed as much as #222,000, including credit card debts of #131,000. Sandra Lum was in debt to the tune of #97,000.
Sources suggest the business partners failed to keep the dealership going after attempts to arrange an individual voluntary arrangement with creditors were rejected. Prema Systems was set up in 1989.
According to Ideal, the bad debt was minimal, as the distributor did over #700,000 of business with Prema over the past few years. Micro Peripherals was unavailable for comment. A receiver has not yet been appointed.
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