Crown bears brunt of sibling's demise

Retail A creditors' meeting shows the extent of the damage.

Crown Computer Products has emerged as the biggest creditor of the defunct The Big PC Company - its sibling operation - with debts of #402,919 out of a total loss of #410,650.

The creditors' meeting, held on 28 January, also uncovered that due to insufficient repayment funds, no creditors would receive payment from the liquidation.

According to Leonard Curtis and Partners, appointed creditor for both companies, only two of The Big PC Company's 16 creditors were present at the meeting, which was attended by Malcolm Jamieson, managing director of The Big PC Company.

Jamieson is also managing director of Crown Computer Products, currently in administration (PC Dealer, 21 January).

A representative for Leonard Curtis and Partners said: 'There is not enough money to cover the debts, but people might be able to claim back on insurance.'

She also said all assets would have to be sold off, adding: 'The Big PC Company held a closing down sale three weeks ago and sold off the stock, which has gone back into the company.'

According to the statement of affairs for the retailer, it has a book value of #187,946, but liquidators are estimated to realise #59,313 in assets.

The preferential creditors - tax and national insurance - will gain #52,726, however, unsecured creditors were looking at an estimated deficiency of #386,926.

One of Jamieson's other firms - Barkai Ltd - holds a debenture in favour of The Big PC Company, which stands at #29,000.