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I had heard the news. That was a significant 'current liabilities' figure as they went into receivership.
I understand they have 'restructured' and now trade as Scotscape Group Ltd, just keeping all the profitable parts of the business under a 'pre-pack' deal with the Administrators.
What I don't understand is that their business collateral available on the current website still states the 'company registration' that went under - maybe it has not been updated to reflect the real situation post receivership?
What happens to all the debt, the "accreditations", trade memberships etc - do these cease as they are a new entity?
Lessons to be learned there, for sure....
If one searches for the interview with the original founder and (new) Director at at the reformed Scotscapes Group Ltd, he details the reasons why the original company got into trouble and went for a 'pre-pack' deal to get out of it.. It makes for very interesting reading.....I believe it is called "over-trading" ?
Background info : A "pre-pack' deal is a way around dealing with debt (courtesy of Wikipedia):
"The courts have held that an administrator can sell the company's assets immediately upon his appointment, without court approval or the approval of the creditors,[3] and can do so even if the majority creditor objects.[4] They have even approved transactions which, as a "necessary evil", have made payments to the former management while leaving little or nothing for unsecured creditors.[5]"
"A pre-pack administration offers quite a few advantages[7] but it also has a downside.[8] The main benefit is the 'continuity' of the business - the company is protected by the Court. This gets rid of debts, contracts and possibly some employees (TUPE issues are normally addressed beforehand). Another big advantage is that the cost of the process is lower than trading administration, as the administrators do not need to find funding to trade the business. The downside of a pre-pack administration is that it can attract negative publicity if the former directors are seen to be shedding liabilities. The Insolvency Service monitors compliance with SIP 16.[9] Its reports show that in 2010 it reported 10 insolvency practitioners to their licensing bodies, and in 2011 it reported 21.[10]"