Feeds

Ideal Hardware pinches Penny

Ex-Omni Solutions MD must pay company's debts or be declared bankrupt

  • alert
  • submit to reddit

The essential guide to IT transformation

Former Penny & Evans MD, Mike Penny, will be forced to pay his debts via an Individual Voluntary Arrangement (IVA) thanks to an Ideal Hardware bankruptcy petition over his latest channel debts. The IVA request came at Ideal's petition hearing for Penny's bankruptcy following his personal guarantee for the £30,000 owed by his reseller, Omni Solutions. If passed, it means Penny will have to make all promised payments -- or face bankruptcy. Insolvency practitioner Ian Franses Associates proposed the IVA for the ex-Omni MD on 25 November at Slough County Court. "When Omni went into administrative receivership in August we called on the personal guarantee, and this is the result," said Eddie Pacey, Ideal Hardware's credit manager. Penny's proposal will be put to creditors at a meeting on 14 December, where he will need a 75 per cent vote in favour. Slough-based Omni went into administrative receivership on 3 August owing around £450,000. Its main channel creditors -- ETC, Ideal and Computacenter -- were pessimistic about repayment. Shortly afterwards, the networking reseller's trading arm and name was bought by Tilven Computers, and continues to trade from the same Omni offices. Penny & Evans was liquidated by Pannell Kerr Forster in 1993, owing £1 million. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.