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wallaceSacksCREDITORS are owed almost £4 million by the now-closed furniture retailer Wallace Sacks, with a sizeable chunk of that consumer deposits and prepayments.

 

The London based company — Wallace Sacks Furnishings Limited — ceased trading and was placed into administration through Lane Bednash of CMB Partners on February 17, 2017.


Secured creditors are owed £1.22 million, with the company’s statement of affairs estimating £192,000 will be raised from the company’s debtor book.


No other asset realisations are forecast and the administrator is yet to put his proposals in the pubic domain.


Unsecured creditors are owed £2.77 million, more than a third of which is consumers’ money. The Furnishing Report estimates that around £1 million has been taken in orders from circa 1,500 customers.


Dependent on how they paid, many ought to be able to recoup monies paid out through their card providers or payment processors.


Of trade creditors, two-man delivery and logistics company Panther Warehousing (£264,909) and Bath ad agency Attinger Jack (£181,840) are among those U.K. companies listed with six-figure debts outstanding.


Wallace Sacks sold mid-priced leather sofas and armchairs along with outdoor furnishings and a limited range of dining and bedroom furniture. The company changed its name from Muubaa Limited in January 2017.


Muubaa is a ladies fashion label that ran alongside the furniture retail division. It continues to trade through newco Muubaa Trading Limited.


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