Leeds-based marketing agency OTB has gone into liquidation and it is forecast some creditors maybe left out of pocket.
Liquidators from Walsh Taylor in Leeds were appointed to Headingley-based OTB (Outside the Box) Ltd earlier this month and are now winding up the company.
Walsh Taylor did not provide information about the reasons for OTB’s liquidation when contacted by Business Insider, but documents filed by the insolvency firm have revealed the likely outcome for creditors.
A statement of affairs reported by Insider said that liquidators expect to raise £31,187 from the sale of assets held by OTB (Outside the Box) of which £12,421 will be paid out to preferential creditors. Secured creditor Skipton Business Finance is expected to recover its £79,073 lending.
However, unsecured creditors of the agency have been estimated at £443,078 and there is £18,766 available to satisfy those claims. HM Revenue & Customs is owed about £275,000 while trade creditors account for £112,879.