Liquidator Steven Kugel of Insolvency Experts confirmed he was dealing with more than 1300 creditors, including one secured creditor and 15 employees, and around 500 debtors.
The role of the liquidator was to act for the benefit of all creditors including employees, secured and unsecured creditors, he said.
“In that regard, as liquidator, I will firstly deal with any assets of the company as well as obtaining books and records. Following that, I will undertake an investigation into the affairs of the company to determine the reasons for its failure … At this point, it will be decided if any dividend can be paid to creditors.”
Publishers that had placed books with the company for distribution were free to collect their stock, he said, as…
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