It has been reported that a number of suppliers to Party Pieces won’t receive the money they were owed before the firm collapsed into administration last year.
The Mail on Sunday has reported that a report has shown that administrators, Interpath Advisory, do not expect small businesses which supplied Party Pieces to get any of their money back.
It was also reported that an unpaid VAT bill of £613,000 is unlikely to be repaid.
Administrators warned at the time of the firm’s collapse that unsecured creditors, which are collectively owed over £2 million, were unlikely to be paid.
The latest report confirmed these fears, stating: “Based on current estimates, we do not expect there to be a dividend to unsecured creditors.”
James Sinclair, who bought the company for £180,000 without its debts, commented: “Where we can we have retained as many suppliers as possible.”
