News - Midlands
Floors-2-Go collapse leaves £12m unsecured debts
The parent company behind wood flooring specialist Floors-2-Go collapsed owing £12m to unsecured creditors.
According to a statement of affairs from administrators at Senate Recovery, total unsecured creditors claims totalled £11.93m.
Of this amount, £8m is owed to trade and expense creditors. Two divisions of HM Revenue & Customs are out of pocket to the tune of more than £3m.
The report states that Birmingham-based Floor My Home, which entered administration on 25 August, should have "sufficient funds" for a dividend to the unsecured creditors. However, it added that this would be dependent on final realisations and costs of the administration.
For the full story, see Insider's West Midlands news bulletin on Monday morning.