Business Rescue Saves Profitable Division
We were asked to advise a vehicle recovery and repair business based near Exeter which employed 25 staff and had contracts with most of the major vehicle recovery companies including AA, Green Flag and Europe Assist as well as a large Police contract for recovery and storage facilities. Despite these large contracts the recovery part of the business was making losses and putting the profitability of the repair side at risk.
The two sides of the business were split and dealt with separately in order to preserve the part of the business that had a viable long term future, The assets and goodwill of the repair business were purchased by the former director preserving 6 jobs. The remaining loss making recovery business was wound up in an orderly fashion through a liquidation.
Comment from a creditor during the liquidation: "I would like to convay my thanks at the very professional way in which myself and my wife have been dealt with by your company regarding the liquidation of this company. As you know we were the landlords of the property leased by the company, not only that but we were also employees. I would like to make it known that your company has kept us informed of developments as they happened, even with the constraints of the system. Thank you once more and I look forward to hearing from you in the future".
Recent amendments to the Insolvency Act now allow creditors to access reports via the officeholders website
25 April 2016
22 March 2016
20 January 2016
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