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Portland helps in $6.5m sale of business saving 45 jobs
Published on: 18 September 2003
Portland assisted the directors of Thirdspace Living with $6.5m sale of its business to one of its competitors. The company was insolvent and absorbing cash rapidly. For technical reasons, the sale had to be completed before an insolvency procedure. Wrongful trading limitations meant that the whole process had to be undertaken quickly and with full consultation with the main creditors.
We are now acting as liquidators, arranging for a prompt distribution of the realisations.
James Tickell, Portland director responsible for the assignment and liquidator, said: "I am pleased and relieved that management managed to get the sale away for a full price in the circumstances and saving as many jobs.
We are finding it increasingly common that businesses cannot withstand an insolvency procedure and have to be sold beforehand if there is any chance of saving them for proper values. This particularly applies to high tech sectors such as this.
I know only too well how stressful this process can be, even for seasoned business people, and I am pleased that the creditors and directors here felt we had played a useful supportive role"
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