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IT firm liquidated with £1m debts

Date Added: 22/11/2011  

Some 23 people have lost their jobs as a result of the liquidation of Skye IT, which was forced to close as a result of its debts totalling £1.1 million.

CRN reports that it was originally hoped creditors would receive 30 pence in the pound for the money owed to them by the Chelmsford-based HP Gold partner.

But Eddie Pacey, managing director of EP Credit Management & Consultancy, said this may no longer be the case.

He noted: "The original assumption was that creditors would see around 30 pence in the pound but it now appears they will see zero."

It is believed some of Skye IT's major suppliers could be set to lose as much as £150,000 as a result of the liquidation of the organisation.

This comes shortly after the latest figures from the Insolvency Service revealed that in the last three months, there was a rise of 24 per cent in the number of firms in the construction sector going out of business, reported the Construction Index.

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Posted by Julie Cutts

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