Duff & Phelps completed the sale of certain assets of a fashion wholesale distributor, with the majority of assets sold to Visage Limited, a part of one of the world’s largest retail clothing suppliers.
A Successful Outcome
The restructuring assignment has resulted in a forward order book of c.£1.5m being saved, the majority of the assets being sold and the recovery of the amounts owed to the secured creditors.
The Directors appointed Duff & Phelps as Joint Administrators in November 2014, following the discovery of financial irregularities in an overseas group company.
The Joint Administrators devised a strategy for an orderly wind down of the business operations, whilst negotiating with interested parties following an accelerated marketing process. Prior to the sale, the Joint Administrators reconciled the order book and finalised some existing orders to preserve value.
All assets of the Company have been realised, which will result in a full recovery to the secured and preferential creditors of the company.