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.
Under the proposals, the administrators will continue to manage the business "with a view to achieving the statutory purposes of the administration."
If appropriate, they say, they will move the company automatically into creditor' voluntary liquidation. If there are no monies to be distributed, the company will be dissolved. The company may also be placed into compulsory liquidation "in circumstances where assets are still be to be realised yet there will be no return to unsecured creditors."
One of the last homegrown British computer manufacturers still standing, Evesham fell into administration in August. Most employees were made redundant.
The firm notched-up outstanding debts close to £7m by the time of its collapse, owing money to vendors and disties including Microsoft, AMD, Avnet, Ingram Micro, Western Digital, and Computer 2000.
DTE has received claims in excess of £3.6m from secured creditors.
As we revealed last month, unsecured creditors had already been told that there was no cash left in the pot. It is unknown at this stage how much secured creditors can expect to recover.
Meanwhile, the Evesham brand continues to trade under the moniker Evesham Micros - the name it first started out with nearly 25 years ago.
Ex-chairman and co-founder Richard Austin now holds the role of director at the firm.
As rumours rumbled through the industry about the imminent demise of the beleaguered computer maker, Austin and TimeUK founder Tahir Mohsan formed a new company named Geemore Technology on 20 July.
Mohsan's Dubai-based outfit PCC Technology had coughed up a $22m (£11m) temporary lifeline for the Evesham brand - if not its workers, the majority of whom were told to leave without notice as showrooms were closed and administrators arrived at the firm's Vale Park headquarters in Worcestershire.
On 20 August the Geemore company name was changed to Evesham Micros.
According to JM Titley, DTE joint administrator, the likely fate of Evesham Technology is to move into voluntary liquidation on completion of the administration process. ®