Michael Robert Fortune and Carl Derek Faulds, the joint administrators of The Oakleaf Brewing Company Limited, are now able to provide creditors with their six monthly progress report.
We were appointed joint administrators on 2nd August 2016 and following our appointment we instructed chattel agents to assist us in valuing the company’s assets and to begin marketing the business for sale. The company had ceased brewing ale on our appointment however it was decided to continue to trade the business during the administration and sell the completed stock that was held in an effort to preserve the company’s goodwill whilst a business sale was negotiated.
It was not the intention to trade the business for an extended period and to limit the period of trading we set a deadline for interested parties to submit their offers. A number of offers were received by the required date and an offer from a reputable company was accepted. A sale of the business to this party was concluded on 12th September 2016.
As detailed above, we continued to sell the company’s stock of ale produced prior to our appointment whilst at the same time undertaking a marketing exercise for the sale of the business. During the trading period we were successful in achieving a wet stock sales and as part of this we retained a number of key employees who were subsequently transferred to the purchaser following a sale of the company’s assets.
The book debts owed to the company were regarded separately from the other business assets and a debt collection firm were engaged to assist in the collection of them. A connected company, which entered liquidation on 31st August 2016, accounted for significant amount of the debts due to the company. The liquidators issued their final report on 11th January 2017 which confirmed that there would not be a return to the unsecured creditors and the amount due was subsequently written off. We have successfully collected a large proportion of the remaining book debts to date. There are a small number of debts outstanding which we do not anticipate to be collectable.
The full progress report can be accessed here