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Administrators say there is nothing for Rapid Hardware creditors

Published: 16 April 2013
Failed Liverpool retailer Rapid Hardware went down owing £3m - and unsecured creditors will take a total loss.
Administrators say there is nothing for Rapid Hardware creditors
The administrators' statement of affairs, just filed at Companies House, shows that main trade creditors include Stax, owed a total of £702,000, and Mark Two Distributors (£187,600).

One secured creditor, NatWest, is owed £372,000 and is unlikely to be paid in full. Preferential creditors, mostly employees, are owed a further £250,000. Around 600 customers who had paid a total of £330,000 in deposits have been notified that they have unsecured claims - ie, they will not get their money back.

Unsecured claims total £2.447m, giving a total deficit of £2.972m. According to the administrators, the company's assets have a book value of £1.746m, but are estimated to realise only £75,000. There will be no creditors meeting because, with no funds to distribute, there is nothing to discuss.

Rapid went into administration in February.

Read the full story in this Friday's issue of DIY Week

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