No calculations of any financial compensation just yet.
Grant Thornton were the provisional liquidators only.
SPW were the CVA agency only.
The courts have technically approved two other companies to handle the post-liquidation process, but they must wait for the licence to be legally granted next week in order to start the winding up activities with creditors.
An attempt was made to enter into another Company Voluntary Arrangement with creditors on 24th June 2010 with intent of re-starting operations. The CVA passed but was struck down by the High Court in London on the 5th October 2010 after creditors challenged it as having been irregularly conducted. A winding up order was granted on 6th October and liquidation began the next day.
(Details will be published when publicly emerged).
The CVA was based on compensation of 2p in the £1 offer, but this offer is null and void now and the company will not be able to trade again.
Last edited by trident3; 11th October 2010 at 16:13.
Reason: new info