Articles about Liquidation

Image by Mark Bennetts http://www.shutterstock.com/gallery-2389319p1.html

Add it to the tab: ICO fines another spammer as unpaid bills mount

London-based finance company Nouveau Finance been fined £70,000 (US$85,752, A$112,391) for hiring a spamming marketing company that sent UK residents some 2.2 million illegal SMS messages. 92 battered Britons complained to the Information Commissioner's Office (ICO) which handed down the fine on Monday. The loan broker, based …
Darren Pauli, 08 Nov 2016
Bitcoin, photo via Shutterstock

Bitcoin exchange boss going down for washing ransomware cash

A Florida ex-school board member has pled guilty to making a false statement in relation to the running of an illegal bitcoin exchange. The FBI says Anthony Murgio and Yuri Lebedev ran Coin.mx as an unlicensed currency exchange, cloaking transactions including facilitating ransomware payouts as "collectable memorabilia" and …
Darren Pauli, 28 Oct 2016
man in suit clutches briefcase full of cash. Photo by Shutterstock

Tax-swerving IT director disqualified for 8 years

Anthony Hodges, a Basingstoke-based IT consultant, has been barred from acting as a company director for eight years due to mischief undertaken as his company went into liquidation. Investigating the demise of management consultancy Hodges & Coley, of which Hodges was the sole director, the Insolvency Service said it had …
Illustration of a "bitcoin" dissolving into numbers. Photo by SHutterstock

Broken BitBank Bitfinex shaves 36% from all accounts

Hong Kong cryptocurrency exchange Bitfinex, which last week closed itself down after being hacked, has now told account-holders they'll all have to pay for the mess by surrendering some of their account balance. In a new update for users the outfit says that “After much thought, analysis, and consultation, we have arrived at …
Simon Sharwood, 08 Aug 2016

Nuisance caller fined a quarter of a million pounds by the ICO

A claims spam company from Blackburn has been fined £250,000 by the Information Commissioner's Office (ICO) after making over 17.5 million nuisance calls. Check Point Claims had harassed people illegally with automated calls encouraging them to claim compensation for job-related hearing loss. The ICO launched its …
Laurel and Hardy on the phone

ICO fined cold-call firm £350k – so directors put it into liquidation

A Brighton-based robo-call spam operation has been hit by a record £350,000 fine by data privacy watchdogs. Since the firm has been closed down and entered liquidation, however, even the Information Commissioner admits the fine is unlikely to be paid. Prodial Ltd, a lead generation firm responsible for more than 46 million …
John Leyden, 29 Feb 2016
Simon Cowell, photo: s_bukley via Shutterstock

Oh TechNation. Britain's got tech talent. Just not like this

Opinion It was ironic that this month’s crowing Tech Nation report, which wrongly claimed the UK digital sector “was growing 32 per cent faster than the rest of the economy,” almost coincided with the total collapse of one of the sector’s biggest – and loudest – stars, Powa Technologies. Compiled by Tech City and NESTA, an innovation …
Marcus Gibson, 25 Feb 2016

Imation sells off the family jewels

+Comment Imation, now run by activist investor Clinton Group people, is selling the Memorex trademark – and two trademark licences associated with it – for $9.4m, while also disposing of its corporate headquarter facility in Oakdale, Minnesota, for $11.5m. "Both sales are consistent with the (our) stated restructuring, wind down …
Chris Mellor, 11 Jan 2016

£2.3m ZANO nano-drone crowdfunded project crashes and burns

The company behind the troubled ZANO nano-drone project has pulled the plug, leaving thousands of Kickstarter backers in the lurch. The UK's Torquing Group Ltd tin-rattled its way to a record £2,335,119 from 12,075 people for the "world's most sophisticated nano drone - aerial photo and HD video capture platform". Although …
Lester Haines, 18 Nov 2015
New Zealand: Karikari Beach by https://www.flickr.com/photos/elisfanclub/ CC 2.0 attribution sharealike https://creativecommons.org/licenses/by-sa/2.0/

Finally! It's the year of Linux on the desktop TITSUP

Mandriva, a French purveyor of desktop Linux, is being wound up, after becoming totally incapable of supporting usual performance (TITSUP), financially at least. The liquidation notice suggests the company's revenue in 2013 was around €600,000 and that the biz has between 10 and 19 staff. The company's wobbled for years and …
Simon Sharwood, 27 May 2015

Healthy Drobo set free by Connected Data to go it alone

Drobo, maker of simple-to-use personal data storage robots which you populate yourself with disk drives, is being spun-out by owner Connected Data, with an investment group buying the business. The firm was originally called Data Robotics but changed its name in 2011 to the name of its Drobo* product, which amassed a large and …
Chris Mellor, 20 May 2015
closed_sign shut down under collapsed liquidation

Verizon says 40-hour outage was outage to end all outages

Verizon Cloud's planned maintenance outage, for which the company last week allocated 48 hours but advised should “take far less than 48 hours” ran at least 40 hours, and the company now says the outage was needed for an upgrade that will remove the need for future outages of this type. Verizon's saying the outage allowed it to …
Simon Sharwood, 11 Jan 2015
closed_sign shut down under collapsed liquidation

Blackout Saturday: Oracle website DIES after mammoth US shopping binge

Oracle's website tumbled from the interwebs in the last hour but the cause of the outage remains unclear. The tech giant was yet to respond to The Register's request for comment at time of writing. A static message on the Redwood City, California-based company's site reads: This site is experiencing technical difficulty. We …
Kelly Fiveash, 29 Nov 2014
Bitcoin bloodbath

FTC to flog Butterfly Labs' Bitcoin holdings

The US Federal Trade Commission has stuck another pin through Butterfly Labs, obtaining a court order that the company hand over any Bitcoins it had mined for itself. The company had promised potential customers that its US$29,000-plus servers would embiggen punters' Bitcoin wealth to wildest-dreams level. It turned out to be …
closed_sign shut down under collapsed liquidation

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 …
closed_sign shut down under collapsed liquidation

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 …
closed_sign shut down under collapsed liquidation

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 …

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 …
closed_sign shut down under collapsed liquidation

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 …
Simon Sharwood, 20 Mar 2014
closed_sign shut down under collapsed liquidation

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

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

Opinion “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

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. …
Phil Muncaster, 14 Feb 2014
closed_sign shut down under collapsed liquidation

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
closed_sign shut down under collapsed liquidation

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
closed_sign shut down under collapsed liquidation

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
closed_sign shut down under collapsed liquidation

'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
closed_sign shut down under collapsed liquidation

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
closed_sign shut down under collapsed liquidation

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

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 …
Chris Mellor, 02 Oct 2013

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
closed_sign shut down under collapsed liquidation

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. …
Bill Ray, 09 Aug 2013
closed_sign shut down under collapsed liquidation

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 …
Paul Kunert, 16 Jul 2013
reseller_closures

What 80/20 really means: One big failed customer will kill you

Comment Once again small and medium-sized enterprises (SMEs) are being held up as the saviour of the economy in general and the IT industry in particular. But once again, I expect our industry to ignore what's staring them in the face. Why is it that vendors, big business, governments and Uncle Tom Cobley are talking about the value …
Eddie Pacey, 05 Jul 2013
closed_sign shut down under collapsed liquidation

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 …
Bill Ray, 01 Jul 2013
closed_sign shut down under collapsed liquidation

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
closed_sign shut down under collapsed liquidation

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
closed_sign shut down under collapsed liquidation

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 …
Eddie Pacey, 17 Jun 2013
closed_sign shut down under collapsed liquidation

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 …
Paul Kunert, 29 May 2013
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 …
Simon Sharwood, 27 May 2013
closed_sign shut down under collapsed liquidation

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 …
closed_sign shut down under collapsed liquidation

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
closed_sign shut down under collapsed liquidation

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 …
Paul Kunert, 08 Apr 2013
Camputers' Lynx

The Lynx effect: The story of Camputers' mighty micro

Archaeologic Not all of the early 1980s British home computers were fated to be as successful as Sinclair’s ZX series or Acorn's BBC Micro. Many were destined instead to be loved solely by keen but small communities of owners. For all these users’ enthusiasm, there were too few of them to sustain the cost of developing, manufacturing, …
Tony Smith, 20 Mar 2013

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
closed_sign shut down under collapsed liquidation

About to outsource your IT? Read this first

Whenever a major service provider runs into financial difficulties it is undoubtedly an extremely unsettling period, not least for the workforce, customers and management. Tough decisions need to be made in very tight timeframes which often don't allow much time for strategic planning. Financial distress is one of the ever- …

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 …
Paul Kunert, 06 Feb 2013
closed_sign shut down under collapsed liquidation

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 …
Paul Kunert, 17 Dec 2012
closed_sign shut down under collapsed liquidation

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 …
Paul Kunert, 28 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
closed_sign shut down under collapsed liquidation

British Ruby conference cancelled after diversity row

The British Ruby Conference has been cancelled, after a row started over allegations the speaker roster at the conference is insufficiently diverse. The row seems to have started with a tweet from Josh Susser, a chap who, among other things, organises the Golden Gate RubyConf. Susser's tweet was as follows: “Nice speaker …
Simon Sharwood, 20 Nov 2012