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Garden furniture manufacturer owes creditors over £300k

Garden furniture manufacturer Riverco Trading has entered liquidation owing creditors north of £300,000.

Mustafa Abdulali and Neil Dingley, both of Moore, were appointed as joint liquidators of Riverco Trading Limited on 13 December 2022.

Detailed in newly filed documents on Companies House, the business owed preferential creditors, the National Insurance Fund and the HMRC, respective sums of £2,200 and £28,700. Around £19,000 is expected to be realised from company assets, leaving a potential shortfall of £11,600 for the taxman.

As for unsecured creditors, the combined total of claims valued £317,000 with £114,000 owed to trade creditors, £64,000 to Lloyd’s Bank, a further £24,000 to the National Insurance Fund and £128,000 owed to a director’s loan.

It is understood that creditors will suffer a total shortfall of £352,000.

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