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Articles about Liquidation

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Quadrant Visual Solutions goes into liquidation

Quadrant Visual Solutions (QVS) has shut up shop after 25 years in business, having succumbed to the oldest business-killer of all: it ran out of cash. The Derbyshire-based AV integrator and IT reseller ceased trading on 7 June and a credit meeting has been called for the 28 June. Former XMA IT Solutions director and QVS …
Paul Kunert, 18 Jun 2013
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Sumlock Electronics faces liquidation

North East-based family-run reseller Sumlock Electronics is to be liquidated, according to a filing to Companies House. The VMware, NEC and Sophos partner, which was incorporated in 1976, is understood to have encountered terminal cash flow difficulties in recent months that forced it to shut up shop. Business advisor Walsh …
Paul Kunert, 28 Feb 2012

Lawyer: 2e2 customers should act quickly as liquidation looms

Any 2e2 customers that clung on in the hope a buyer could be found for fallen channel giant must act now to minimise disruption to service, a law firm has warned. More than a week has passed since 2e2's 10 UK subsidiaries were placed in the hands of FTI Consulting, and the administrator seems to have run out of potential buyers …
Paul Kunert, 06 Feb 2013
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Akamai warns: SMB security remains major risk

Security offerings for small businesses need to look more like those offered to enterprises, according to Akamai global security senior director Fran Trentley. Speaking to The Register while in Sydney for the Gartner Security & Risk Management Summit, Trentley said SMBs are increasingly seen as attack targets, and that poses a …
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China Mobile to quit WiFi rollout

After spending 17 billion yuan on WiFi hotspots – more than $US2.75 billion at the current exchange rate – China Mobile has quit on the rollout and will redirect its spend to LTE. The reason for the decision, reported in Sohu IT (original in Chinese, here), is simple: the hotspots don't make money. Sohu IT says the hotspots are …
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Birmingham's Computer Bookshops Ltd goes titsup

Birmingham-based tech book seller Computer Bookshops Ltd has failed to make it out of administration, and is being wound up. The company had become a fixture since setting up in 1978, and claimed a portfolio of more than 350,000 volumes by the time it had to call in the administrators in February 2014. Its properties included …
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Google hit by Monday morning blues: Talk, Hangouts, Sheets crash

Three Google services were gripped by disruption today – just four days after the company dramatically reduced prices for one of its online storage lockers. The web giant's online instant-messenger Talk, video conferencing system Google+ Hangouts, and office spreadsheet app Sheets were unavailable on Monday morning, US West …
Jack Clark, 17 Mar 2014
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Ad-funded mobile carrier goes titsup

OVIVO, a mobile virtual network operator that did not charge for calls, SMS or data, has suddenly closed its doors. The carrier has pulled down almost all of its site, save for a home page stating “We are very sad to announce that for reasons beyond our control, OVIVO Mobile is closing down on the evening of Wednesday 19th March …
Simon Sharwood, 20 Mar 2014

China shutters Windows ‘rival’ Red Flag Linux

China’s homegrown answer to Windows has gone the way of the dodo after failing to make an impact on the domestic market for operating systems. Red Flag Linux has terminated all staff contracts and gone into liquidation, according to a notice pinned to the door of its deserted headquarters in Beijing, spotted by TechInAsia. The …
Phil Muncaster, 14 Feb 2014

Borked Bitcoin bunker MtGox in administration: Lawyer seizes control

Collapsed Bitcoin exchange MtGox has been put into administration by a court in Japan, where the website is based, after it became clear the site's chances of recovery are nil. The biz, which has mislaid half a billion dollars of BTC, was granted protection from creditors in February by the Tokyo District Court as it battled to …
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RM begins redundancy talks with defenestrated hardware staff

Spare a thought for the poor souls at education supplier RM, which started its redundancy consultation period yesterday in the wake of the company's decision to shutter its PC production facility. RM confirmed last month that some 300 people in its Education Technology unit will be laid off as it tries to carve out a brighter …
Paul Kunert, 20 Nov 2013
Evesham Technology

Evesham Technology goes into liquidation

British computer maker Evesham Technology today told the majority of its remaining staff not to return to work on Monday because the company has gone into liquidation. The firm’s ex-chairman and co-founder Richard Austin sent an email to staff this morning informing them “things are very suddenly moving quicker than expected.” …
Kelly Fiveash, 04 Jan 2008

Nixed Nirvanix files for Chapter 11

Cloud storage startup Nirvanix that imploded last month, has formally admitted business defeat by filing for Chapter 11 bankruptcy. It announced the fact on its website on October 1, saying: On October 1, 2013, Nirvanix voluntarily sought Chapter 11 bankruptcy protection in order to pursue all alternatives to maximize value for …
Chris Mellor, 02 Oct 2013
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PC addict RM finally quits its building habit, plans to axe 300 jobs

Under-fire education tech specialist RM has finally admitted what the rest of the industry already knew: that it can't make money building PCs and will instead concentrate on developing software and services. It has been a rocky three years for RM, starting with the government's gradual closure of the Building Schools for the …
Paul Kunert, 23 Oct 2013
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Centerprise rescues CFL Computer Systems from liquidation

Centerprise International, the UK PC builder, has rescued South Wales integrator CFL Computer Systems from liquidation. Falling profit margins forced CFL, which had a turnover of £4.25m and employed 27 people at its peak, into liquidation in March according to local reports. Centerprise has taken over the company's assets and re …
John Leyden, 18 Apr 2005
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Company which built O2's London 4G in administration

Cellular Systems, the company which built O2's 4G network in London and which was apparently a cornerstone of Cornerstone - the Vodafone/O2 shared-infrastructure project - has gone into administration. Cellular Systems built the 4G trial network 18 months ago, so that O2 could test LTE transmissions at 2.6GHz before the spectrum …
Bill Ray, 01 Jul 2013
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'Planned maintenance' CRIPPLES nearly HALF of all Salesforce instances in Europe, US

Botched network maintenance has been blamed for a huge crash at Saleforce’s data centres, taking out customers’ CRM and data services across the US and Europe. Seven of Salesforce’s 17 North American instances and two out of four in EMEA went down. Servers started dropping out just before 2am UTC on 15 November, with outages …
Gavin Clarke, 15 Nov 2013
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Oz broadband speeds collapsed in 2012

Akamai's State of the Internet report reveals a sharp slowdown in Australian Internet download speeds to the end of 2012. According to the report, which is gathered by analysing traffic through Akamai's content distribution networks, global connections got faster, with 2.9 Mbps on average and 16.6 Mbps average peak connection …
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Channel firms, rejoice: You're not going out of business nearly so often

Channel insolvencies have fallen for the third consecutive quarter, according to official stats from credit reference agency Graydon UK. Sixty-four tech suppliers hit the wall in Q1, down a whopping 28 per cent on the same period a year ago. Broken down by type there were 45 voluntary liquidations, four compulsory liquidations …
Paul Kunert, 08 Apr 2013
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IBM to shutter SmartCloud, move customers to SoftLayer

IBM will close its SmartCloud Enterprise service and force customers to migrate to its recently-acquired SoftLayer cloud. News of the migration leaked today when Gartner veep Lydia Leong emitted the following Tweet: IBM has formally notified SmartCloud Enterprise customers of Jan 31st end-of-life. (I'll be blogging on this …
Simon Sharwood, 31 Oct 2013
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Tu Me to go: Tu Go to be Telefonica's 'NEXT BIG AMAZEBALLS' for voice

Telefonica's freebie VoIP platform Tu Me will be shuttered next month as the mobile network pushes customers towards, er, Tu Go. Tu Me came out of Jajah, the internet voice-call outfit Telefonica bought in 2009, but it was never intended to be more than a stepping stone towards a brave new future of telephony as a service. That …
Bill Ray, 09 Aug 2013
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Misery ending? UK reseller insolvencies may have bottomed out

Insolvency rates in the UK channel were back to pre-recession levels in Q2, according to official stats from credit reference agency Graydon UK. The picture is remarkably different to a year ago when reseller failures reached a nine-year high with 99 firms hitting the wall, a pattern that continued until the end of Q1 2012 when …
Paul Kunert, 02 Jul 2012
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Dell shuts down channel biz Cheriton over unpaid debt

IT reseller Cheriton Computers has been wound up by US giant Dell over an unpaid five-figure debt. Alton-based Cheriton - which is a Lenovo Premium Business Partner, Microsoft small-biz specialist and Dell registered dealer - celebrated its ten-year anniversary this month, but it won't be toasting an eleventh. A winding-up …
Paul Kunert, 18 Apr 2013

France's biggest Apple reseller shuts up shop

Lawsuits are all that remain of France's biggest Apple reseller after no credible bidders came forward to save the business. eBizcuss officially went into liquidation on 31 July, after 36 years of trading. We understand that there were at least two offers for the reseller but none were sufficient to save the business. eBizcuss …
Anna Leach, 06 Aug 2012
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Brit telly, laptop flogger Gimmi goes titsup owing whopping £1m

The collapse of Cheshire-based etailer Gimmi left a string of suppliers with debts totalling £1m, the creditor's report has revealed. The web shop, which flogged tablets, smartphones, 3D TVs, and laptops was placed into the hands of administrator Cowgill Holloway Business Recovery (CHBR) on 8 May. The two-year-old firm was only …
Paul Kunert, 16 Jul 2013
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Streamline Computing goes titsup

Small resellers continue to drop like flies, with Warwick-based Streamline Computing the latest to cease trading and enter liquidation proceedings. The high-performance computing specialist, which flogs Dell and HP systems, confirmed on its company voicemail that it has "gone into liquidation". Acting on behalf of Streamline …
Paul Kunert, 23 Nov 2011
Better Place green 'leccy

Better Place electric car outfit goes titsup

Better Place, the battery-powered car company founded by spurned SAP CEO aspirant Shai Agassi, has filed to wind itself up. Agassi was SAP's CEO-in-waiting until the company's board extended the contract of incumbent Henning Kagermann. Agassi quit and started Better Place, saying the combination of clever software and a startup …
Simon Sharwood, 27 May 2013
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2014: The year of the cloudy biz bankruptcy... or maybe it isn't?

Once again the channel has proved to be a hardy bunch as insolvencies remained pretty much stable in 2013, despite a meltdown in some areas of tech infrastructure spending. Some 293 resellers bit the dust in the previous calendar 12 months, versus 285 in the previous year: a 2.8 per cent rise. 66 hit the wall in Q4, up from 57 …
Paul Kunert, 23 Jan 2014
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Samsung quits desktop PC biz, will stick to all-in-ones and portables

Underscoring yet again the radical shift underway in the personal computing industry, Samsung is shutting down its traditional desktop PC business to focus on devices with more modern form factors. "Tablets, all-in-one and hybrid PCs are Samsung's current focus," a company official told Korea Times. "Samsung is speeding up its …
Neil McAllister, 24 Jun 2013
The Register breaking news

GameOverUK.com goes into liquidation

In a lovely piece of irony, the company GameOverUK.com has gone into liquidation this afternoon. We don't know anything about GameOverUK.com, but we presume it was a games company of some sort that has been hit by the recent online gaming turmoil. We probably never will know now. A visit to www.gameoveruk.com - presumably its …
Kieren McCarthy, 30 Aug 2001
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Cryptocard gobbles tasty, dead number puzzle startup

Cryptocard has acquired the patents and intellectual property of GrIDsure, a UK pattern-based authentication start-up that became insolvent earlier this month. Term of the deal, announced Friday, were undisclosed. The acquired technology will be added to Cryptocard's existing cloud-based authentication services portfolio, which …
John Leyden, 18 Nov 2011
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62,000 fewer shops: Welcome to the High Street of 2018

Tens of thousands of UK retailers will go pop over the next five years, leaving hundreds of thousands of their employees scratching about for work, says the Centre of Retail Research (CRR). In a particularly bleak forecast, the sector-watcher says close to 62,000 of the near 282,000 outlets currently open for business in Blighty …
Paul Kunert, 29 May 2013
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Micro Anvika Stratford goes titsup - 2012 Games 'boom fell flat'

Micro Anvika Stratford (MAS) is in the process of being liquidated, just months after opening its first Samsung-backed and branded East London store in readiness for the Olympics. Re10, which was appointed administrator of associated company Micro Anvika, is also handling the affairs of MAS and a creditors' meeting has been …
Paul Kunert, 25 Sep 2012
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Resellers, distributors - your countdown to oblivion starts NOW

Whither the channel when it's all in the cloud? Whence the box-shifter when no one actually buys PCs any more? The answer is, of course, that once a particular business model has no more business then that business model ends. It is, however, possible to look at this in rather more sophisticated terms. The most obvious, since …
Tim Worstall, 17 Dec 2013
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Cashless Comet to close 41 stores, axe 500 jobs

Collapsed electricals retailer Comet is to shutter 41 stores over the next fortnight, administrator Deloitte has confirmed. So far Dixons Retail and Maplin are among the rivals circling the fallen retailer, although it appears the two are interested in just a handful of stores. As a result the closing down process began at 27 …
Paul Kunert, 19 Nov 2012
OCZ VeloDrive

Troubled OCZ now has feds up ass with microscope

Flash storage springbok OCZ, which suddenly lurched into the intensive care ward and ditched its founding CEO, now has less of a spring in its step; it's received news of an SEC probe into the company. This is to do with OCZ's inability to file a required business report for its latest quarter - some background here - due to …
Chris Mellor, 23 Nov 2012

IT contractors lose thousands as 2e2 collapse hits recruiter

Tech-sector freelancers are thousands of pounds out of pocket after the collapse of IT integrator 2e2 wiped out recruitment agency Populo Resourcing, The Channel can reveal. The contractors, recruited by Populo to work on various IT projects for 2e2, had their work cancelled days after the integrator crashed. Some say they are …
Paul Kunert, 18 Mar 2013
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'Petrified' insurers slam wallets shut as more resellers go titsup

The small sequential rise in reseller insolvencies in Q3 - in line with seasonality - will do nothing to calm credit insurers' general uneasiness about the IT sector. Data from credit reference agency Graydon UK, shows 75 channel firms bit the dust during the summer quarter, up from 64 in Q2 but dramatically lower than the 93 of …
Paul Kunert, 23 Oct 2012

Online bookies must keep punters' cash in separate account

Licensing conditions proposed by the Gambling Commission may not adequately protect customers against the risk of losing their money or credits if gambling operators become insolvent, an expert has warned. The Commission is consulting on draft plans that, if introduced, would oblige remote gambling licensees, except ancillary …
OUT-LAW.COM, 27 Sep 2013
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Comet crashes to Earth: 125 stores wiped out

Comet administrator Deloitte will shut 125 of the retail chain's stores, putting thousands of people out of work just before Christmas. The receiver, appointed at the start of this month, is unable to find a buyer for the business as a going concern. The closures will take place over the next fortnight, leaving about 70 outlets …
Paul Kunert, 28 Nov 2012

Vodafone Oz taken to court by dealer

Vodafone Australia has something else to worry about besides its dwindling customer base and fragile network, as dealer BD Mobile suing the carrier for unpaid commissions. BD Mobile, also known as Besyl, was one of Vodafone’s exclusive dealers but was placed into voluntary liquidation in February. Boutique insolvency firm …
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Salesforce goes titsup, causes CRM outages worldwide

CRM services have been disrupted for companies all over the world after seven of Salesforce's instances went down. Salesforce said on its status update page, which was also down for a while, that service from seven of its instances was being disrupted, – though at the time of publication it was claiming to have whittled this …
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Taxpayers to cough for Comet staff redundo

The last stores of the once mighty High Street giant Comet are to close by tomorrow but the saga looks set to continue, with taxpayers potentially having to step in to cover redundancy costs. Administrative receiver Deloitte, called in by the ailing retailer's parent Hailey Acquisitions Ltd on 2 November, had been holding talks …
Paul Kunert, 17 Dec 2012
The Register breaking news

European Micro Plc to go into liquidation

European Micro Holdings (EMH) is to liquidate its debt-ridden UK-based distributor European Micro Plc which is going to leave it without an operating business. EMH, the broker of top brand computer hardware, has had major debts called in by a major shareholder. EMH is expected to default - which will mean it will lose its …
Linda Harrison, 22 Aug 2001
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Chapco Group goes titsup

Directors at Chapco IT Services concluded a pre-pack administration on the same day the Leicestershire-based minnow was placed in the hands of receivers Mazars LLP, The Channel can reveal. The Microsoft Gold and Citrix Silver reseller is part of the Chapco Group, which also included a facilities management, telecommunications, …
Paul Kunert, 12 Jun 2012
The Register breaking news

Court date set for COLT liquidation tussle

ComputerWire: IT Industry Intelligence Colt Telecom Group Plc faces a three-day hearing at the London High Court in December when a hedge fund takes legal action to try to push the pan-European carrier into liquidation. Highberry Ltd, which is part of New York-based Elliott Associates, claims that Colt will not have the funds …
ComputerWire, 06 Nov 2002

One year on: What exactly did the 2e2 collapse teach us?

“Sam, I need you in the Heathrow office early tomorrow morning,” read the panicked text from my line manager on a Sunday night. The UK subs of 2e2 Group entered administration a year ago. I had a unique vantage point from where I sat within the crumbling company through the brutal process of administration and seeing the …
Sam Simpson, 20 Feb 2014
Resellers protest outside an Apple store in France, credit screengrab Express video

France's biggest Apple reseller sinks: 'Tech titan crushed us'

Apple's largest authorised reseller in France – eBizcuss – has gone bust, closing all its outlets and firing its staff. The chain had 120 employees across 15 shops in France and Belgium, according to L'Express, and ran several other businesses including services businesses KA Services and ICLG, which are also closing. Staff …
Anna Leach, 06 Jun 2012
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M-Tech Data: Grey import battle with Oracle has ruined us

M-Tech Data's boss has claimed the "crippling" legal bill for its spat with Oracle over allegations of parallel importing left management with no option but to shut up shop. The Manchester-based distie was involved in a long running case with Sun Microsoftsystems, and subsequently the vendor's new parent Oracle over the …
Paul Kunert, 03 Aug 2012
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Don't wait to check your parachute until you're out of the plane

Business failure and insolvency are so rarely a cheery subject. But it's kinda funny how frequently companies hit by high-value losses almost immediately say "we had insurance", as if to say the loss will not be felt too hard. It’s tempting to boast that your debt is insured when it isn’t: it makes the loss seem less troublesome …
Eddie Pacey, 17 Jun 2013