UK AV distributor Steljes is yet to pay its unsecured creditors following administration (Steljes Creditors Unlikely to Get Their Money). Due to warranty issues, the administrator has had to sell £5 million ($6.1 million) of stock for under £1.8 million ($2.2 million) and many debtors are refusing to pay all of what they owe. Although ex-employees and secured creditors (banks) will receive all or most of what is owed, it is estimated that there will only be around £237,000 ($291,000) left to pay unsecured debts of £6.7 million ($8.2 million) – the biggest creditor being Smart Technologies (just under £3 million – $3.7 million).
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