Articles about Unsecured Creditors

Administrator: 2e2 owed £412m to creditors when it went titsup

2e2 Ltd crashed out of business owing creditors a little over £412m, the firm's administrator FTI Consulting has confirmed in its statement of affairs. The document, seen by The Channel, revealed debts secured by floating charges of £161.5m pertaining to the integrator's banking syndicate, and unsecured non-preferential claims …
Paul Kunert, 11 Apr 2013
globalisation

Micro Direct leaves string of channel creditors out of pocket

Manchester-based e-tailer Micro Direct has left a trail of unsecured creditors in its wake, who are owed £880,000. The firm was the subject of a winding up petition by Micro-Peripherals in June over unpaid bills worth £70,000, but at the time distributor and channel sources claimed the online reseller once had a solid payment …
Paul Kunert, 22 Mar 2012

2e2 debt recovery specialist finds... £2,000 in six months

The administrator of 2e2 has recouped just a tiny fraction of the debts owed to the integrator, a Progress Report has revealed. FTI Consulting took control of the company's affairs January '13 in the well-documented collapse. By March last year, it had struggled to recover one-tenth of the £43m on the debt ledger at its …
Paul Kunert, 12 Feb 2014

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

Former 2e2 workers WIN case for protective award

An employment tribunal has ruled in favour of former 2e2 workers' claims for protective awards. A year after the saga began, hundreds are to be paid up to eight weeks' wages by the government – the maximum allowed. There weren't many winners in the firm's collapse - save for, perhaps, the administrators - with staff out of a job …
Paul Kunert, 24 Jan 2014
The Register breaking news

Shareholders hoping to squeeze cash from Kodak are deluded, says court

Kodak shareholders aren't going to get the chance to set up a committee to represent their interests in the reorganisation of the bankrupt firm. Investors in the bust camera firm were trying to get a US bankruptcy judge to allow them to set up the committee, after hearing of the current reorganisation plan, which would see them …
The Register breaking news

Picture this: Kodak could get out of bankruptcy as early as July

Eastman Kodak has said that it's hoping to get out of bankruptcy as early as July this year, as it turns itself into a commercial imaging firm under the control of its creditors. The one-time camera company told the US bankruptcy court in Manhattan that it expects to issue new stock, with most of it going to folks it owes money …
The Register breaking news

Stay away from the light, Kodak! Look, here's $406m to keep you alive

Eastman Kodak's creditors have backed its plan to sell 34 million shares worth $406m as it prepares to exit bankruptcy protection. Key creditors of the fallen tech giant have agreed to backstop the rights offering, which means they will pick up any stock that Kodak doesn't manage to flog to investors. The firm said that the new …
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 only …
Paul Kunert, 16 Jul 2013

World+dog left counting costs: Still can't bury corpse of titsup Brit IT giant 2e2

The administrator of deceased 2e2 appears to have made slow progress in collecting book debts, with tens of millions still outstanding months after the integrator-cum-reseller failed. The latest progress report filed at Companies House today revealed that JP Associates (JPA), previously hired by 2e2 administrator FTI Consulting …
Paul Kunert, 02 Sep 2013
For Sale sign detail

No creditors' meeting for Time/Tiny

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 …
Lucy Sherriff, 26 Oct 2005
Kodak

Kodak's new life to begin in September

Eastman Kodak will officially restart operations on September 3, after a Manhattan judge signed off on the last aspects of its reorganisation plan. Last week, Judge Allan Gropper flipped the bird at disgruntled shareholders, who believed they should recover something from the smoking ruins of the once world-dominating …
Square Group new premises

Comet brand yanked from its grave: Tycoon vows to open EIGHTY new stores

Electronics retail entrepreneur Clive Coombes is trying to revive the Comet brand name by launching 80 stores over the next two years - and is looking for foolhardy brave investors to support him. In his blog, written in the third person, Coombes, who tried but failed to buy Comet from administrator Deloitte, revealed he has …
Paul Kunert, 19 Aug 2013

Evesham Technology creditors back administrators

Creditors owed about £6.8m by collapsed British computer maker Evesham Technology have accepted DTE Leonard Curtis’s proposals that it proceed with the administration of the company. The decision was reached at a creditors' meeting with the Evesham administrators on 12 October, according to records filed with Companies House. …
Kelly Fiveash, 05 Nov 2007
The Register breaking news

Breathe Networks administrator to hold creditors' meeting

Exclusive Administrators will hold a creditors’ meeting for defunct ISP outfit Breathe Networks Ltd (BNL) on 3 September, The Register has learned. A document filed with Companies House on 18 August reveal that the firm’s administrator - Neil Chesterton at The MacDonald Partnership (TMP) - has proposed that BNL be shifted into voluntary …
Kelly Fiveash, 25 Aug 2009
channel

Elonex creditors back administration

Administrators for the defunct PC maker formerly known as Elonex Plc* held a meeting for creditors yesterday in London. The British PC sales arm of Elonex went down owing over £17m in June. At its creditors' meeting, trade creditors holding about £1.4m of Elonex debt voted to accept administrator Deloitte & Touche's proposals …
Mark Ballard, 09 Aug 2006

Rug tugged from under 2e2 after it racked up £50m loss - report

Brit IT biz 2e2 went under because its financial reports were flawed, it plunged nearly £50m into the red and its backers refused to throw good money after bad. That's according to a two-inch-thick dossier by the company's administrators FTI Consulting. The report documents the days leading up to the Berkshire-based integrator's …
Paul Kunert, 25 Mar 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 talks …
Paul Kunert, 17 Dec 2012
graph up

Oz channel takes another hit as receiver moves in on WOW

Another of Australia’s struggling bricks-and-mortar gadget retailers is in trouble, with the WOW Audio Visual Superstores chain put up for sale by receivers Ferrier Hodgson. The company had expanded its original operation in Cairns, Queensland, to launch nine other stores in Queensland and five in other states (Albury and Coffs …
arrow pointing up

Yorks PC maker goes titsup owing £1m+

West Yorkshire-based Cube Enterprises has gone under owing more than £1.2m to trade and expense creditors, the Reg has learned. The Wetherby firm went down in May, but a director's report presented to creditors at a meeting on 9 June revealed creditors were unlikely to recoup monies owed, resulting in anguished howls from the …
Paul Kunert, 14 Jun 2011

Micron 'fesses up: Yes, we plan to eat limping DRAMurai warrior

After months of speculation and rumours, Micron's acquisition of Elpida has finally been announced. The firm has now signalled its intention to buy Elpida for 200 billion yen ($2.5bn, £1.6bn). Here's the Micron statement: Micron … and Elpida Memory's … trustees announced today that the parties have signed a definitive sponsor …
Chris Mellor, 04 Jul 2012
Comet Siding Spring. Pic: NASA

Why did Comet fail? Hint: It wasn't just the credit insurers

Comet's fiscal light was burning less brightly well before OpCapita entered its orbit, but the venture capitalist's involvement snuffed it out entirely. Signs that all was not well can be traced back to 2008, when Comet's profit before tax tumbled from £56m to £25m. In successive years it posted losses of £8m, £3m and finally £ …
Eddie Pacey, 22 Nov 2012

Evesham gets extended administration run

Evesham Technology Ltd's administration period has been extended. The defunct British computer maker’s directors received notice that the company would remain under administration until 2 February 2009. Evesham Technology’s creditors agreed to the extension, presumably to give administrators DTE Leonard Curtis more time to …
Kelly Fiveash, 08 Aug 2008
For Sale sign detail

Administrators head for titsup training company

Advent Computer Training, which ceased trading in January, has appointed two administrators from Brummie accountants PKF. Ian Gould and Brian Hamblin, partners at PKF, will run the Hagley-based business while they look for a buyer. Advent Computer Training and Access 2 Careers employed 250 people and had annual turnover of £30m …
John Oates, 23 Feb 2010
The Register breaking news

Breathe Networks out, Breathe Internet in

The assets of Breathe Networks Ltd (BNL) have been sold to the company's CEO, Steve Kaye, in a management buyout just one week after the ISP went into administration. Kaye confirmed that a new company - Breathe Internet Ltd - had been incorporated on 13 May 2009, at the same Surrey-based offices as BNL. Kaye dismissed claims …
Kelly Fiveash, 23 Jul 2009
Evesham Technology

Evesham left debts of £6.8m

Defunct British PC maker Evesham Technology went bust owing creditors nearly £7m, the firm's administrators have revealed. However, unsecured creditors can forget any chance of a payout because there are no "surplus funds" available. In a creditors report covering Evesham Technology, Evesham Technology Holdings and Mertec …
Kelly Fiveash, 12 Oct 2007
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HSBC facing '£19m' loss on Granville collapse

HSBC, Granville Technology Group's main banker, is unlikely to recover any of the £19m it is owed by the group, according to reports. Granville, the company behind the Time and Tiny computer brands, collapsed at the end of July with debts estimated at over £50m. Granville probably owes around £30m in unsecured debt to trade …
Lucy Sherriff, 08 Aug 2005
The Register breaking news

Lehmans techies start job hunt

Lehman Bros techies chucked onto the pavement yesterday face a decent chance of sliding into new jobs quickly, which may go some way towards sweetening the bitter pill of not receiving a final pay cheque. The bank – in case you didn’t know – crashed spectacularly in the early hours of Monday. Staff turned unsecured creditors …
Joe Fay, 16 Sep 2008
Evesham Technology

Evesham Technology redundancy claims outstanding

Many Evesham Technology Ltd workers who lost their jobs when the British computer maker fell into administration last August appear to still be waiting for their redundancy claims to be fully realised. According to an administrator’s report filed with Companies House late last month: “A significant number of redundancies were …
Kelly Fiveash, 13 Mar 2008
channel

Directors blame Dell, Intel for Elonex collapse

The directors of renowned British PC maker Elonex Plc have blamed US giant Dell and its team mate Intel for its collapse last month. Elonex went down owing nearly £18m last month. The administrator's report received by creditors this week revealed that £10.7m was owed to unsecured creditors, but only £2m of this is likely to be …
Mark Ballard, 28 Jul 2006
channel

New Time owners start direct sales

The Time moniker is back on PCs in the UK, over six months after former flag carrier Granville Technology Ltd collapsed. Time UK Factory has begun selling PCs and plasma TV products direct. As well as the Time brand, its website carries the same green livery associated with Time. In a statement, Time UK Factory says it runs …
Team Register, 23 Jan 2006
chart

Watford Electronics left debts of £3.5m

Watford Electronics’s stock remains in the hands of administrators, giving unsecured creditors hope of seeing some of the £3.5m they were owed when the firm collapsed earlier this week. Watford's cards had been marked since November when it released a troubling set of accounts and trade insurers started putting the squeeze on …
Mark Ballard, 09 Feb 2007
The Register breaking news

Tempo customer warranties are worthless (most of them)

Up to half a million customers of Tempo, the bust electrical and computer goods retailer, may be the owners of worthless product warranties. The warranties have had no insurance backing since 1997 and Tempo put no money aside to cover its obligations, the Sunday Times reports. Warranty holders will join the queue of unsecured …
Drew Cullen, 03 Jan 2002
The Register breaking news

Freechariot goes titsup

Freechariot, the UK credit card payment services firm, has ceased trading. Management's decision last week to pull down the shutters on the business is likely to leave the many small traders who relied on its services out of pocket. Bolton-based insolvency practioner Ratcliffe & Co is convening a meeting of shareholders and …
John Leyden, 18 Jun 2003
globalisation

Time drags on for Granville administrators

There is still no end in sight to the administration of Granville Technology, six weeks after the company behind the Time and Tiny computer brands collapsed. A spokesman for the administrators, Grant Thornton, told us: "It is a very complicated administration." He explained that when it went into administration, Burnley-based …
Lucy Sherriff, 12 Sep 2005

Microsoft throws a party for MUC as AC/DC chucks filth off its website

Microsoft was in good spirits this week at the launch of its long-awaited "Microsoft unified communications software" in San Francisco, officially announced by chairman Bill Gates, business division president Jeff Raikes, and a guitarist in a red velvet jacket. Now that's rock and roll, especially as the guitarist was playing a …
Billy MacInnes, 18 Oct 2007
The Register breaking news

Engage is now DisEngaged

Engage, the once high-flying ad serving software and Internet sales house, has gone titsup. It has filed for Chapter 11 and is selling all of its assets to a firm called Scene 7 for the knockdown price of $1.2m cash and the assumption of liabilities of approx. $650,000 to $850,000. This is subject to bankruptcy court approval …
Drew Cullen, 19 Jun 2003
The Register breaking news

WorldCom CEO to step down by year-end

ComputerWire: IT Industry Intelligence WorldCom Inc CEO John Sidgmore intends to leave the post shortly, he said yesterday, and the scandal-rocked carrier is now seeking a replacement. Sidgmore took the job in April following the departure of Bernie Ebbers, shortly before the company uncovered record-breaking accounting …
ComputerWire, 11 Sep 2002
The Register breaking news

Global Crossing bankruptcy plan approved

Telecoms company Global Crossing Ltd. received a US judge's approval for its plan to emerge from a Chapter 11 bankruptcy reorganisation. The approval by Judge Robert Gerber will clear the way for the firm to emerge from bankruptcy in less than a year. The plan that the judge approved, which was revealed in court papers on …
server room

Peregrine ready to emerge from Chapter 11

One of the most widely recognised IT brands should next month emerge from the clutches of "Chapter 11", writes Tony Lock of Bloor Research. Since September of last year Peregrine Systems Inc., one of the leading suppliers of Asset Management and Service Management software, has been working to reorganise both its financial …
IT-Analysis, 31 Jul 2003