Feeds

No creditors' meeting for Time/Tiny

No money, no point

Build a business case: developing custom apps

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." ®

Build a business case: developing custom apps

More from The Register

next story
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Sonos AXES support for Apple's iOS4 and 5
Want to use your iThing? You can't - it's too old
Amazon says Hachette should lower ebook prices, pay authors more
Oh yeah ... and a 30% cut for Amazon to seal the deal
Philip K Dick 'Nazi alternate reality' story to be made into TV series
Amazon Studios, Ridley Scott firm to produce The Man in the High Castle
Nintend-OH NO! Sorry, Mario – your profits are in another castle
Red-hatted mascot, red-colored logo, red-stained finance books
Joe Average isn't worth $10 a year to Mark Zuckerberg
The Social Network deflates the PC resurgence with mobile-only usage prediction
Chips are down at Broadcom: Thousands of workers laid off
Cellphone baseband device biz shuttered
Feel free to BONK on the TUBE, says Transport for London
Plus: Almost NOBODY uses pay-by-bonk on buses - Visa
Twitch rich as Google flicks $1bn hitch switch, claims snitch
Gameplay streaming biz and search king refuse to deny fresh gobble rumors
Stick a 4K in them: Super high-res TVs are DONE
4,000 pixels is niche now... Don't say we didn't warn you
prev story

Whitepapers

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.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Maximize storage efficiency across the enterprise
The HP StoreOnce backup solution offers highly flexible, centrally managed, and highly efficient data protection for any enterprise.