OUR SUCCESS STORIES
The principal assets of a Leicestershire based footwear wholesaler were sold within an Administration process, after a brief marketing campaign in which the company continued to trade. This will result in a substantial return to creditors of the company. The subsequent sale of the Intellectual Property Rights of the company will also preserve the brand going forward.
A recruitment company had fallen into arrears with HMRC as a result of bad debts. We dealt with the company’s Administration which, following a successful marketing campaign, was sold to a national company with the preservation of ALL 90 jobs and a significant dividend subsequently being made available to non-preferential creditors.
We sold a local building contractor in a “pre-pack” Administration scenario resulting in all 17 jobs being saved, the company’s Bankers being fully repaid and a significant dividend to non-preferential creditors.
A local printing company entered into Administration and all 19 jobs were preserved as part of a sale of the principal business assets and goodwill.
Acting as Liquidator of a local bespoke window manufacturer, a sale of the principal business assets and goodwill was achieved resulting in all 11 jobs being preserved and a likely dividend to non-preferential creditors. In addition, a successful completion of the work-in-progress has resulted in no loss to customers, who would have suffered substantial loss had those contracts not been completed.
Due to ill health, a Stockport based window fitting contractor found he was unable to defend a bankruptcy petition. Upon recovery from his health problems the debtor entered into an IVA and annulled his bankruptcy. The IVA was successfully completed following the re-mortgage of his property and the payment of his monthly contributions of £300. A dividend to creditors of 65 pence in the pound was declared. Creditors totalled £40,000.
An IVA proved to be the best solution for a Cheadle sales woman. Following redundancy the debtor was unable to service the debts that she had incurred. The duration of the Arrangement lasted 18 months, which enabled the debtor to sell her property and provide a dividend to creditors of 56 pence in the pound against total creditors of £51,000. She retained £8,000 from the equity available following the sale of the property with creditor consent.