Provisional Liquidation2018-08-17T09:58:48+00:00

Project Description

Provisional Liquidation

Car Dealership

The issue

Our client had been appointed as Provisional Liquidator of a company that sold high-end motor vehicles, many of which belonged to third parties. The company director was engaged in highly unscrupulous business practices, and had been arrested for theft of vehicles. Many creditors were owed hundreds of thousands of pounds, and had lost their vehicles.

The solution

The Provisional Liquidator was appointed by the High Court on a Friday afternoon, and we needed to swiftly put an operational plan together in order to attend at and secure the trading premises, search for and seize company records; and seize, remove & store over 35 vehicles with a combined value of over £1,000,000. This was no easy task.

The company director, who had a “colourful” history with the police, had become aware of the appointment of a provisional liquidator. It was highly likely that he would hide assets, vehicles and records; and it was clear that he, and his staff, would seek to frustrate matters.

A quick and robust attendance at the premises swiftly followed. A hand picked team of 8 specialist officers led the Provisional Liquidator, together with a Method of Entry team and 15 recovery vehicles, onto the premises. Secured external gates were quickly overcome, as was the main locked door into the showroom itself. Company books, records and papers were quickly seized and documented; and the many expensive vehicles were secured and systematically logged & removed to safe storage.

Despite some fairly robust and vocal opposition from the director, his friends, and passing locals; the operation went exactly as planned and without incident. Our team handled themselves perfectly in an extremely stressful and potentially volatile situation; even carefully dealing with the attention of local media.

The Provisional Liquidator went on to be appointed as Liquidator of the company at a subsequent High Court hearing; and many creditors who believed their vehicles had been lost forever were reunited with their assets.

At the time of writing, the investigation into the company remains active, with our investigators and litigators still assisting the liquidator. There remain many creditors who are yet to see a penny of their money; and civil & criminal proceedings against various individuals are ongoing.

The result

A safe operation, carried out to plan and without incident. Premises secured, books records & papers seized; and vehicles either sold for the benefit of the liquidation, or returned to their rightful owners. This was a perfect example of how our expert officers can provide true value and support to the office of Provisional Liquidator.

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