Specialised Assemblies (W’boro) Limited in compulsory liquidation
The assets of the above company, which was subject to a winding up order on 8 June 2015, have been sold to a newly formed company, EMBA Engineering Limited, which will, in part, be managed by the former director.
A number of interested parties had expressed an interest in continuing the business due to its importance to key clients. Indeed, during the period of liquidation the liquidator, with the help of the director, completed some work in progress to ensure that another local company, a key customer, would not have to cease production while sourcing alternative suppliers. Given the closeness of the relationship between the director and key accounts, third party interest quickly fell away.
Whilst it would appear that the majority of former employees have been successful in securing new employment the new team at EMBA are hopeful that full-scale production will be back up and running within the next few weeks.
Liquidator, Peter Windatt from BRI Business Recovery and Insolvency noted “I still regret that the compulsory liquidation could not have been avoided – the Courts always have the discretion to make any order they see fit and this supports our view that, when things appear to be going wrong the earlier advice is sought the more likely it is a solution can be found. In this case we were only contacted a couple of working days before the winding up petition was due to be heard. However, for a sale to have been achieved at a value my agents can recommend in what for a compulsory liquidation is record time hopefully ensures good news has emerged from a crisis.”