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belProspects of a return for creditors of Belfast Furniture Mall are bleak with the company’s stock having been sold prior to administrators being appointed.


The company — Finest Furniture — acquired certain assets of multi-store furniture chain Cost Plus Sofas in a £750k pre-pack deal in August 2013.


It went on to trade from a number of former Cost Plus stores in Ireland, along with the well-known ex-Fultons Furniture site at Boucher Plaza in Belfast. However, it ran into difficulty and ceased trading in the summer of this year.


Administrator Neil Money of Leicester insolvency firm CBA was appointed at the behest of secured creditor Legion Trade Finance, which had provided £600k to help fund the 2013 pre-pack.


It was owed £450k on the administrator’s appointment in October. Peer-to-peer lender Assetz Capital Trust additionally provided a secured £700k loan to Finest Furniture this spring.


Assetz’s security was — according to the administrator — later assigned over to another company, and then again to Moshiko Giat, who is listed as being owed £500k. Mr Giat had been a director and shareholder in Revolution Galleries, the company behind Cost Plus Sofas.


Assetz Capital is now named as an unsecured creditor of the business, owed £200k. The other main creditors are Andrew Cohen, a director at Finest Furniture and the former majority shareholder and director at Revolution Galleries.


Mr Cohen — who was a director and had familial ties to the once mighty Courts furniture retail business — is owed £340k, according to statutory documents. Bruce Cohen is listed as being owed £374k.


A number of trade furniture suppliers are owed five-figure sums, though the bulk are under £20k. An extensive list is published in today’s Debt Report update.


Administrator Neil Money said there was just over £7k being held in trust, which was from the sale of stock prior to him being appointed. He said he was hoping to ascertain more detail regarding the stock sale.



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