‘Positive outcome’ for creditors of collapsed fireplace company

All secured and preferential creditors of a collapsed Nottingham fireplace retailer will be paid in full, according to the firm’s liquidator.

Lucinda Matkin of LM Insolvency & Advisory as liquidator of The Derby Fireplace Company Limited on 27 June 2016. She has realised all company assets including the sale company’s Nottingham showroom at Arkwright Street Nottingham (the former Queens Hotel) for £353,500, and “substantial” amounts of stock sold through auctioneers John Pye & Sons.

This has enabled the secured creditors to be paid in full receiving a dividend distribution of more than £260,000.

Matkin has also confirmed that all preferential creditors will be paid in full.

She said: “We are pleased to have realised company assets totalling more than £400,000 to enable a positive outcome for secured that have received a dividend of 100p in Pound and preferential creditors that will also receive the same.

“The dividend prospects for unsecured creditors will be reviewed following the distribution to preferential creditors.”