Last-ditch attempt to adjourn a petition to wind up the above company compulsorily failed and a winding up order was made resulting in the business ceasing to trading immediately on Monday 8 June 2015. It had been hoped that an adjournment could have been secured in order to give creditors the opportunity to consider a Company Voluntary Arrangement (“CVA”) which, it was anticipated, may have seen creditors being paid in full within 4 years.
Following the making of the winding up order the Official Receiver was appointed to act. A number of creditors expressed their concerns over the company’s position and supported the appointment of Peter Windatt, of BRI Business Recovery and Insolvency, as a commercial liquidator to take over from the Official Receiver. Accordingly, the Secretary of State for Business, Innovation & Skills, using emergency powers available to him, has appointed Peter Windatt as Liquidator with effect from 10 June 2015.
As liquidator an agent has been appointed to assist in dealing with the assets and consider the options available to maximise realisation in the best interests of creditors. At the same time a number of customers, keen to have stock released from the company in order to enable them to continue to run their production facilities, have also been in contact. We would expect that early next week (week commencing 15 June 2015) we will have sufficient information available to provide a sales pack to a number of prospective interested parties.
Liquidator, Peter Windatt, reported “I very much regret that this liquidation could not be avoided. It has resulted in the immediate loss of all jobs for this business and it may yet have consequences for others in their supply chain. The likely outcome via the liquidation is probably going to lead to a much reduced return to creditors than had a CVA been implemented. However, we are only able to play with the cards dealt and I would hope that something good will shortly rise from the ashes.”