InLite creditors 'unlikely to recover debts'
Creditors' meeting hears the bad news following reseller's collapse
Creditors of InLite Computers, which entered liquidation last month, are unlikely to collect any outstanding debts, it was reported at the creditors' meeting.
"Debts remaining after the invoice discounting firm is paid are effectively uncollectable," said Phil Stevens, assistant manager at PKF, which is representing some of the creditors. "About £38,000 is unpaid. The biggest single debt was about £23,000."
Kevin O'Brien, former director at InLite, said: "There has been an overwhelming level of support from creditors. We have kept our creditors abreast of the situation throughout."
Stevens cited margin pressure and the use of an invoice-discounting firm as reasons for InLite's troubles.
Alan Norton, head of intelligence at credit firm Graydon, agreed. "The use of invoice discounters is a very short-term solution. It's not a good strategy in the long term," he said.