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I've just received the interim report on the administration and winding up of Spartan Games.
Spartan Games made several table-top minature model games. I backed a Spartan Games Kickstarter in December of 2016 for some money. About six months after this Spartan Games ceased trading and went in to administration. The assets were sold to Wayland Games. Wayland Games are carefully but slowing going about relaunching the Spartan Games lines.
I've seen the financial and management accounts of Spartan Games before they started the Kickstarter. Personally I'm of the view that a company in that perillous financial state shouldn't have been going about launching Kickstarters. I think Kickstarter probably need to do something about their due dilligence processes or about the pre-launch information that its clients need to provide.
The administrator tells me that he has pretty much finished realising the assets and that, as expected, there is not going to be enough money to make a distribution to unsecured creditors. There is a small amount of spare cash but as there are about 1,500 unsecured creditors the cost of cutting the cheques is more than we'd get so the administrator has applied to the court to not have to do that.
So, I'm down a few hundred quid - which is a nuisance and a shame but, fortunately, no worse than that.
Spartan Games made several table-top minature model games. I backed a Spartan Games Kickstarter in December of 2016 for some money. About six months after this Spartan Games ceased trading and went in to administration. The assets were sold to Wayland Games. Wayland Games are carefully but slowing going about relaunching the Spartan Games lines.
I've seen the financial and management accounts of Spartan Games before they started the Kickstarter. Personally I'm of the view that a company in that perillous financial state shouldn't have been going about launching Kickstarters. I think Kickstarter probably need to do something about their due dilligence processes or about the pre-launch information that its clients need to provide.
The administrator tells me that he has pretty much finished realising the assets and that, as expected, there is not going to be enough money to make a distribution to unsecured creditors. There is a small amount of spare cash but as there are about 1,500 unsecured creditors the cost of cutting the cheques is more than we'd get so the administrator has applied to the court to not have to do that.
So, I'm down a few hundred quid - which is a nuisance and a shame but, fortunately, no worse than that.
