Defunct reseller Hutchinson creditors have been told they could get some cash back.
For those who came in late, Hutchinson went bust last May, owing £3.6 million to unsecured creditors, including £2 million to trade suppliers.
Arrow was owed £274,000 and Ingram was out of pocket by £617,000.
Administrator KPMG said: “Based on current estimates, we anticipate that unsecured creditors should receive a dividend.
“We have yet to determine the amount of this, but we will do so when we have completed the realisation of assets and payments of associated costs.”
We are not talking much here. KPMG said it continued trading Hutchinson’s network operation centre for a month after it was appointed, after which it sold the business to Dublin-based PN21 for £50,000. During this month of trading, it generated £225,000 in revenue.
All remaining staff were transferred over to the new company. Of Hutchinson’s 109 staff, 94 were made redundant as soon as the administrator was appointed.
The firm said that secured creditor Clydesdale Bank has been paid in full, from the £1.95 million received from Hutchinson’s debtors.
Preferential creditors are expected to be paid their £150,000 in full.
