THE Round Theatre Limited, which operated The Round Theatre, in Newcastle, went into insolvent liquidation this week.
A meeting of creditors, held at the theatre, was advised that the company had assets of £36,370 and liabilities of £74,699, creating a deficiency of £38,329.
The liabilities include £8,046 due to the 11 full and part-time employees, who have claims for arrears of pay, holiday pay and notice pay.
The DTI Redundancy Payments Services will settle most of their entitlements and will become a creditor in the liquidation in their place.
The Round Theatre Limited occupied, as a tenant, The Round Theatre, in Lime Street, Ouseburn. The company was launched in October last year as an entertainment venue for children and young people.
It ceased trading on May 23 this year, and the staff were made redundant.
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