Creditors left in limbo as Asahi goes belly up

The distributor has called in the receivers leaving unpaid bills with a number of creditors which include Ideal Hardware

Windsor-based component supplier Asahi Distribution ceased trading last week after the directors voluntarily wound up the operation.

According to Paul Ellison, a partner at liquidator Hurst Morrison & Thompson, Asahi ceased trading on 22 April after calling in the receivers. A creditors? meeting will be held on 12 May, where Hurst Morrison & Thompson is hoping to be appointed as liquidator for the firm.

Asahi?s three directors ? Somasuntharau Jeyakumar, Samsul Majeed and Abdul Sathar ? were unavailable to comment on the reason for the company?s fall into liquidation. Ellison was also unable to give reasons for Asahi?s demise, maintaining it was too early to say.

Ingram Micro and Component Resources confirmed that they had ceased dealing with the company after its credit rating was reduced. Ideal Hardware was among the creditors, but is understood to be owed less than #2,000. Hurst Morrison & Thompson would neither name the company?s creditors nor give any further details on Asahi?s total debts.

It is not clear whether any of the creditors will receive any payment, but it is understood that there is some surplus kit ? subject to retention of title ? that could be sold off.

Asahi, which had a turnover of over #5.4 million in 1995 and employed 16 staff, was set up as Agecomp Ltd in 1993 before changing its name to Asahi in August of the same year. It imported hardware, including keyboards, screens and modems, from the US and Taiwan, and sold wholesale.

The distributor?s profits dropped from #24,000 in 1994 to a loss of #155,000 in 1995; the last time it filed its accounts at Companies House. At that time, Asahi?s total assets were valued at #314,000, while its total liabilities were valued at #460,000, with #286,000 owed to trade creditors and a Nat West overdraft of #113,000.