Notice has been received from Begbies Traynor confirming that The Corporate Merchandise Company be moved from administration to creditors’ voluntary liquidation. The report holds little comfort for unsecured creditors. The report notes the Directors loan has not been recovered, & The Nugent Partnership Limited has been assigned to assist with the collection of the Company’s outstanding sales ledger (485K at date of appointment) with a fixed percentage fee agreed of 10% (?9,320.75 paid to Nugent Partnership Ltd to date) of debtor realisations. The Nugent Partnership Limited is a company associated to The Corporate Merchandise Company by virtue of common directors (Harry Nugent).

Published on: May 10th, 2010