Mounting debts have pushed Discstribution to the brink of liquidation.
A meeting of the firm’s creditors will be held on Monday, August 16th to analyse the trading history of the company and the reason why it cannot continue its business.
The main purpose of this assembly will be to appoint a liquidator that will deal with closing the firm and settle its debts. A liquidation committee of between three and five creditors may be formed.
The meeting is being held at the offices of business recovery specialist Bond Partners LLP, which is already in contact with any companies Discstribution is indebted to.
The value of each creditor’s debt will dictate their number of votes when deciding the Bedfordshire-based distributor’s fate.
Discstribution has been trading in the games industry since the early 1990s. It also handled DVDs, CDs, toys and gadgets, and more.