Steljes Unable to Pay Creditors

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).