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Wrapit creditors won’t be paid

Published: 5 November 2008
Creditors left out of pocket by the demise of wedding list company Wrapit are unlikely to see a penny according to the ‘Statement of administrators’ proposals’.
Wrapit creditors won’t be paid
The report lists the company's debts and creditors in full with almost £1.6m owed to trade creditors. Unsurprisingly for a wedding list company, it was tabletop suppliers who topped the list of companies Wrapit owed money to.

Waterford Wedgwood took the biggest hit in the sector with a combined total of more than £63,000 owed to them. Arthur Price followed with a loss of a shade under £41,000 and companies including Villeroy & Boch, Dartington Crystal, Bliss, Alessi and LSA International were all in for more than £10,000.

Despite rising sales over the past four years, Wrapit made increasing losses year on year, finally necessitating an injection of cash in the form of personal loans made to the company by directors and shareholders.

The sale of the majority of the company's assets realised just £39,000, and with an outstanding wage bill of £70,000 the report said that "there will be no distribution to preferential creditors [staff] from administration funds in this case".

It goes on to add that trade creditors are unlikely to see any remuneration either as "based on current estimates it is highly unlikely that there will be a distribution to ordinary unsecured creditors in this case."

Comments

Published prior to March 2014
By Mike Bliss
I'm not sure where the administrators get their information from because I would like to make it clear that Bliss was thankfully NOT owed anything by Wrapit as we always had them on pre-payment. Kind regards, Mike Bliss, MD

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