Administrators of Bethany Limited and Bethany Retail Limited, both franchises of Danish furniture brand BoConcept A/S, were appointed when BoConcept ‘became aware’ of an adjourned hearing of a winding-up petition against both companies.
Detailed in the latest administration report on Bristol-based Bethany Limited and Bournemouth-based Bethany Retail Limited – both owned by Gareth and Stella Whitcombe, Liam Short and Graham Wolloff of Elwell Watchorn & Saxton LLP were appointed joint administrators of both companies in March 2016.
The report indicated that HMRC issued winding-up petitions against both companies for £67,072 in February and £125,531 in December respectively, for failing to adhere to terms of its agreed company voluntary arrangement (CVA), which was approved in June 2014.
Administrators revealed total combined debts of around £2.1m, with a joint creditor bill of £123,601 from 29 parties.
After becoming aware of the overdue debts to HMRC, BoConcept called in the administrators and secured completion of customer orders after both companies had order deposits worth around a combined sum of £100,000.
BoConcept, under the supervision of the administrators, completed all customer orders for both businesses at a combined estimated total of 156 orders with a value of over £550,000, which would significantly reduce creditor claims. Bethany Limited had 80 orders, valuing £281,950, while Bethany Retail Limited had 76 outstanding, valuing £268,868.