Swets in UK owes creditors £7.5m

Swets in UK owes creditors £7.5m

Swets Information Services Ltd, the British wing of bankrupt Dutch subscriptions company Swets Information Services BV, has unsecured debts of £7.5m, according to administrator Baker Tilly.

In a statement prepared for Companies House, the administrator said that £6.5m of that total was made up of subscription pre-payments made by libraries and other institutions, and £953,756 was "employee-related claims". One hundred and twenty members of staff were made redundant when the UK company entered administration in October.

The administrators said they considered the UK company would have "ins...

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