Protection from Bailiffs
The business was a small, family owned metalworking company in Cheshire. They had taken on an employee a number of months ago who, in contravention of both his training and common sense managed to injure himself in an industrial accident.
The case against the company ground its way through the Courts. We were called in as the case reached the High Court in Leeds. The company had run out of money to defend itself; judgement was expected to be £60,000 including costs.
The owner’s sons wished to buy the business but were concerned about an adverse judgement being granted and bailiff action to seize the company’s property.
We arranged for a fair market valuation of the company’s assets and business to establish the true value of the company. Following judgement, the directors placed the company into administration. The administration order protected the company from possible bailiff action; we sold the business to the owner’s sons as a going concern for full market value, maximising the return to creditors while preserving jobs and the value of the business.