Online furniture retailer of Chinese imports enters liquidation

Online furniture retailer Prime Furniture Ltd has been placed into liquidation after seeing debts rise to over £1.7m.

Jamie Playford, of insolvency firm Leading, was appointed as liquidator of the Birmingham-based business on 26 September 2022.

Detailed in newly filed documents on Companies House, the company owed preferential creditor, the HMRC, £230,000, with only just over £17,000 available from realised assets – cash in hand.

Unsecured creditors are owed a combined figure of £1.5m, which includes claims from two Chinese-based furniture manufacturers, valuing round £586,000.

Other claims included a significant number of bank and finance companies, with a collective sum of £711,000 owed, while a director’s loan amounted to £155,000.

It is understood that creditors will suffer a shortfall of the entire amount, valuing a sum of close to £1.8m.

Furniture Prime Ltd was registered in October 2019 with named director Haider Ali also in control of another company in liquation, GTC (Midlands) Ltd, with a deficiency of £1.7m.

Save this article for later

You can revisit this article if you save it as favourite news!

Leave a Comment

MORE ARTICLES

Jason Stone, CEO at bedroom furniture supplier Harmony Furnishings, talks about the launch of its new catalogue and collections, as well as the appointment of...