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Baines & Ernst saves Suprema Concepts Limited from Compulsory Liquidation, and 19 Jobs in the Process

Mon, 13 Feb 2012 04:00:00 EST

Baines & Ernst Corporate Limited were approached for advice by Suprema Concepts Limited's Director, Mrs Caroline Peebles Brown.  Suprema Concepts Limited were under increasing pressure from HM Revenue & Customs over an historic debt relating to when the business was purchased by Mrs Peebles Brown in 2008.
 
HMRC were about to issue a Winding-Up Petition for Suprema Concepts Limited to go into Compulsory Liquidation, with a likely closure of the factory and the loss of 19 jobs.
 
On advice from Imogen Davidson, Insolvency Practitioner and Director at Baines & Ernst Corporate, Mrs Peebles Brown chose to put Suprema Concepts Limited into Administration to protect it from action by HMRC while a rescue plan could be formulated.
 
The company went into Administration on 27 January 2012, with Imogen Davidson appointed as Administrator.
 
Suprema Concepts Limited was working on a number of high profile contracts at the point of entering Administration and these were continued with no interruption to service.  In tandem with a short period of successful trading, the business was marketed for sale on a confidential basis, with a number of potential investors expressing interest.  A sale of the business and assets of Suprema Concepts Limited was completed on Friday 3 February 2012 to Class Creations Limited, an existing company owned and managed by Mrs Peebles Brown.
 
All 19 staff were transferred to the purchaser on 3 February 2012, with no redundancies.
 
The staff and directors worked with the Administrator, Imogen Davidson, to achieve a very successful outcome.  The business is continuing to provide the same high quality service it has always maintained.  It is also likely that creditors may receive a dividend of up to 30p/£ once the company's debtors are realised.
 
Mrs Davidson commented: 'It is a successful outcome for all when Administration works to save a business and protect staff jobs.  Customers were supportive of the Administration and are continuing to work with the purchaser.  When you compare the result to a Compulsory Liquidation, with the likely loss of all staff jobs and a nil return to creditors, it is clear the right decisions were made'.