Designer lighting retailer I-Lite Lighting has been placed into liquidation owing creditors almost half a million pounds.
Andrew Nichols and John Butler, both of Redman Nichols Butler, were appointed as joint liquidators of Birmingham-based Acqua Nera Limited, formerly known as I-Lite Lighting Limited, on 22 August 2022.
Detailed in newly filed documents on Companies House, the business owed secured creditor, the HMRC are total of £139,438, while unsecured creditors racked up combined debts of £386,486.
Upon appointment, the business had around £20,000 in the bank, while assets and stock were sold at auction to unconnected parties for a sum of £28,000.
Furthermore, the company had an interest in imported stock held in container storage units, which had a ‘reasonable value’. However, there was in excess of £100,000 owed in storage and de-moorage fees which had to be paid in order for the stock to be released.
Liquidators liaised with the storage company but decided that the outstanding cost was not economically viable as the assets would not produce any benefit to creditors as the fees to release them exceeded their market value.
Within the unsecured creditor claims included £40,000 owed to financial firm Capify, around £20,000 owed to Birmingham City Council, £103,000 owed to supply chain solutions provider Ligentia, £16,000 owed to PayPal and over £140,000 owed to Shopify.
It is expected that creditors will suffer a total shortfall of £497,072.
It is unclear how many consumers have been impacted by the closure, with many taking to Trustpilot and the company’s Facebook page airing their frustrations, which date back to the beginning of the year.