West Midlands-based furniture manufacturer Ashcraft Furniture Limited has entered insolvency for the second time.
James Martin and Mark Newman, of CCW Recovery Solutions, were appointed as joint liquidators on 13 October 2016 after the company, formerly known as AFL International Ltd, racked up a creditor bill over £460,000.
Details of the insolvency has been revealed by the practitioner’s filed report on Companies House, highlighting that the former Argos supplier, Ashcraft owed more than £218,000 to trade creditors, as well as a HMRC bill of over £29,000.
Also included within unsecured creditor claims is a £115,000 employees redundancy and notice pay shortfall.
The latest insolvency marks the company’s second since it went into administration back in July 2015 after it failed to satisfy a payment plan to creditors agreed in a company voluntary arrangement (CVA) struck in the prior year.
Ashcraft Furniture was first incorporated in the early-1990s before later becoming the trading name of business AF Realisations 2015 Limited.