back to article Three pence in a pound awaits Steljes' trade creditors

Unsecured creditors of audio visual distributor Steljes that are owed £6.72m by the fallen specialist will likely receive just three pence in the pound, according to the company’s administrator. Steljes collapsed in late May after cash flow dried up and directors were forced to call on AlixPartners, which decided the only …

  1. Flocke Kroes Silver badge

    Are they insane?

    When a tech company is in its death throws, the standard plan is sue a big company, hire a high profile litigator for a share of the damages, fire everyone but the litigation manager, place a ridiculous value on the litigation so you can pretend you are not trading while insolvent, run up bills and don't pay them, asset strip and give yourself a pay rise.

    1. Fungus Bob
      Trollface

      Re: Are they insane?

      That only works when you sue IBM

      <sarcasm>

  2. Baldy50

    Typo's

    Owed not owned!

    But this happens all the time on a smaller scale and lots of small firms get shafted, it just don't make the news.

  3. CAPS LOCK

    Three pence in the pound?

    Administrators - "There's no money"

    Creditors - "What about all the money you collected by auctioning the assets?"

    Administrators - "Hahahaha, we paid it to ourselves, what did you think would happen? " (background sounds of clinking of glasses and revving of Aston Martin engines)

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