Selway Moore creditors likely to be out of pocket

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Selway Moore creditors likely to be out of pocket

Microscope contributor

The prospects for trade creditors of defunct reseller Selway Moore to recover their money looks limited as the available assets for sale appear meagre.

The Reading-based HP Gold partner went into administration on 10 March with BDO LLP handing the process.

Martha Thompson, BDO business restructuring partner said: "It is unfortunate that the economic climate and difficult trading conditions have significantly affected the industry."

The administrator added that it was "looking to realise the assets but regrettably, the remaining four employees have been made redundant and the company is no longer trading."

The business had suffered during the recession and managing director Phil Reakes told MicroScope that it had run out of cash and was unable to continue trading.

He said that aside from some maintenance contracts there is little else to be sold.
 
It is understood that several companies took a bath on Selway Moore as they had been trading uninsured following Euler's Hermes removal of recover on the reseller in September, a move which other underwriters aped.

The last filed accounts for the year to January 2008 showed the reseller made a loss of £250,000 and had negative assets of £64,000, meaning it was technically insolvent at that stage.

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