UK Apple reseller Camelot, which announced its closure for "reconstruction" yesterday, has now formerly gone into liquidation.

Camelot’s liquidator is Alan Simon at Langley and Partners (020 8444 2000).

Trade creditor Nitien Joshi, a director of chartered accountants Pannell Kerr Forster, has been working with Noel Collins - director of Type Technologies Ltd, trading as Camelot - and the three main creditors to structure a rescue bid. He told Macworld: "It's very sad , all the major creditors supported a restructuring of Camelot's debt, but in the end, the plan was rejected by one of the leading credit insurers".

That credit insurer is known to be Trade Indemnity.

Joshi said the trade debt was about £1.5 million.

The full amount of the non-trade (customer) debt is not known, but it is not expected to be significant, according to Joshi. The liqidators report is expected 17 July.

Also according to Joshi, the company does have some assets. Creditors can therefore expect a divided from the disposal of the assets - though exactly how much is yet to be determined. It is unlikely to be more that 10p in the pound.