Silven Ltd, which operated one of the State's largest furniture retail outlets in Airside Retail Park, Swords, Co Dublin, had deposits worth €500,000 from customers when it went into liquidation three weeks ago, according to a statement of affairs for the company.
The company had unsecured creditors who were owed €1.9 million. They include House of Denmark Ltd, a related furniture company that is also in liquidation and is owed €784,000. House of Denmark operated from Rosemount Business Park, Blanchardstown, Co Dublin. Mr Carsten Stenshoj and Ms Annette Stenshoj, with an address in Bettystown, Co Meath, are directors of both companies.
It is understood the stock position of both companies is confused, with the books not indicating clearly which company owns what stock.
The liquidator of House of Denmark, Mr Martin Ferris, told the High Court on Tuesday that a stocktake last month had recorded stock worth approximately €1 million. However, the stock he could locate was worth only a fraction of this.
The court was also told that House of Denmark had about 2,000 customers who had put down deposits totalling €500,000. It is not clear whether this is additional to the amount deposited with Silven Ltd. Mr Ferris could not be contacted.
Attempts to contact the liquidator of Silven, Mr Derek Earl, of Gorman AGN, accountants, Dublin, were unsuccessful.
Silven, which was incorporated in November 2000, went into voluntary liquidation two weeks ago. It opened for business in Swords in November 2001.
Mr Stenshoj was arrested when he turned up for a Silven creditors' meeting in the Regency Hotel, Dublin, on Tuesday. He was taken before the High Court where he made a commitment to cooperate with Mr Ferris and to sign on at the Garda station in Bettystown every day.
The statement of affairs presented to Silven creditors on Tuesday records Silven as having a total deficit of €1.78 million. Stock with a book value of €587,000 is given a realisable value of €160,000.
The amount available to pay preferential creditors is €321,000. The Revenue is owed €170,000 and employees €32,000. Unsecured creditors are given as €1.9 million, with an estimated deficit as regards these creditors of €1.78 million.
The creditors owed money by Silven include a company called Ideco, which is owed €301,452. Club 8 is owed €50,000 and the directors are owed €40,000. A number of media organisations are owed money. They include: The Irish Times (€9,198), FM 104 (€9,606), the Sunday Tribune (€1,200), RTÉ (€4,604), Independent Newspapers (€19,233) and 98 FM (€6,983).
A number of investors who put money into House of Denmark in the late 1990s through the Business Expansion Scheme appear to have lost their investments. It is understood the same does not apply to Silven, which it is understood was owned by Mr and Ms Stenshoj.
Top ten creditors on the Silven creditors listing:
1. House of Denmark Ltd €784,000
2. Depositors €500,000
3. Ideco €301,452
4. Club 8 €50,000
5. Directors €40,000
6. Instyle Europe €30,346
7. R Comyn & Co €30,000
8. Independent Newspapers €19,233
9. Respa Beds €16,366
10. Scandi Sleep €14,923.
