Creditors collectively owed around £5m by Leeds clothing and printing firm Awesome Merchandise are unlikely to receive any money back, administrators have said.
After being placed into administration, it was immediately sold to a newly-established business called Print.Inc Group Ltd, whose only director is Luke Hodson – the man who founded Awesome Merchandise in 2009.
Interpath has now published its administrator’s proposal which has revealed more about the company’s finances. But it warns: “Based on current estimates, it is highly unlikely there will be a dividend to unsecured creditors.”The report says: “Based on current estimates, we do not anticipate that there will be sufficient funds to enable a dividend to the secondary preferential creditor.”Employees
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