No creditors' meeting for Time/Tiny
No money, no point
Posted in Financial News, 26th October 2005 10:21 GMT
Tune into our application security webcast, click here
Grant Thornton confirmed today that it will not be holding a creditors meeting for those owed money by Granville Technology, because there is "no prospect of a return to unsecured creditors".
In normal circumstances a creditors' meeting must be held within three months of a company entering administration. Grant Thornton was appointed as adminstrator for Burnley-based Granville Technology, the company behind the Time and Tiny computer brands, on 27 July this year.
However, if the company "has insufficient property to enable a distribution to be made to unsecured creditors" the administrators are not required to hold a meeting at all. The meeting can also be skipped if the company has enough property to repay all the creditors in full.
Even then, it is very unusual for there to be no meeting at all.
A spokesman for Grant Thornton told us: "When there is no prospect of property being given out to unsecured creditors, as there is not in this case, they do not actually have to convene a meeting...the costs of a meeting would outweigh any benefits to the creditors." ®
See what The Register's experts have to say on application security


The future of SaaS and IT infrastructure management
Solving on-premise email challenges with on-demand services
The business case for application security
Reducing messaging and web security costs with managed services

Win a Samsung C6625!
Is your cameraphone an oxymoron?
Reg Mobile and Wireless newsletter is go! go! go!
Sign up, sign up for The Register IT security newsletter