Ideal Hardware pinches Penny

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

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. ®

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