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TM Lewin’s unsecured creditors owed £30.4m

Unsecured creditors have been left £30.4 million out of pocket from the pre-pack administration of TM Lewin that resulted in the closure of all of the… View Article

FASHION

TM Lewin’s unsecured creditors owed £30.4m

Unsecured creditors have been left £30.4 million out of pocket from the pre-pack administration of TM Lewin that resulted in the closure of all of the shirt company’s shops.

TM Lewins’ unsecured creditors, include suppliers, employees and landlords.

In June 2020, the British shirtmaker’s new private equity owner Torque Brands bought TM Lewin’s online business via a pre-pack administration.

Restructuring firm ReSolve had been brought in to assist with the deal.

TM Lewin’s 66 shops closed permanently.

The maximum prescribed part amount that can accumulate under the insolvency legislation is £600,000 in any one company.

In the report ReSolve said “it is not anticipated that there will be any distribution to unsecured creditors other than by way of the prescribed part distribution”.

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