The administrators of a collapsed business in the Orla Kiely fashion empire have been able to pay out a dividend of 25.52p on the pound to preferential creditors.
The collapse of Kiely Rowan plc with debts of £7.25 million in September 2018 sent shock waves across the retail and fashion industries as the long established business was thought to be on an upward trajectory having reported increasing revenues and operating profits for fiscal 2017. The administrator’s final account reports that claims by preferential creditors of Kiely Rowan plc relating to unpaid holiday pay, wage arrears and pension contributions were estimated at £97,413 in the director’s Estimated Statement of Affairs.
However, unsecured creditors were estimated to have been owed £6.13 million and 88 claims were received from unsecured creditors totalling £4.79 million.
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