Oliver Adams Limited – update
3 April 2017: Oliver Adams Limited (“the Company”) has ceased trading on 30 March 2017 with 150 employees being made redundant by the Company. The Company agreed a Company Voluntary Arrangement (“CVA”) with its creditors on 1 June 2016. However, the CVA has failed and the Supervisors of the CVA Peter Windatt and John Rimmer of BRI Business Recovery and Insolvency’s Northampton office are now required, in accordance with the terms of the CVA, to commence proceedings to present a compulsory winding-up petition against the Company. The Company Director has, however, instructed another firm of Insolvency Practitioners, not local to Northampton, to place the Company into creditors’ voluntary liquidation with a meeting of creditors being held on 13 April.
The Supervisors and the Company Director did look into alternative ways forward which would enable a softer exit for all concerned. Regrettably, no better way forward could be identified given the time and financial constraints the Company was subject to.
Joint Supervisor, Peter Windatt, of BRI Business Recovery and Insolvency in Northampton, noted “This is a very difficult time for the Company and its employees. Given the appointment by the Director of an alternative firm of Insolvency Practitioners to seek the Voluntary Liquidation we were only able to provide, together with the Department for Work and Pensions and its Rapid Response Team, as much support as possible to the 100 plus employees who attended a meeting held at the Company’s Headquarters on 31 March”.
Anyone having any queries should contact BRI via their website or at 100 St. James Road, Northampton, NN5 5LF or by telephone on 01604 754352.