Moorfields Appointed Administrators over Audio Equipment Distributor based in Oxford
Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over Path Products Ltd, an AV wholesaler and distributor operating in Oxford.
Path Products Limited specialised in supplying and distributing audio and visual equipment. The start-up had traded for only 9 months following its restructure from Path Distribution Limited, Path Group Limited and Ixos Holdings Limited in November 2010.
The company began to experience difficulties in 2011 suffering a 30% reduction in trade due to a number of its customers experiencing fewer sales as a result of the recession. Moorfields were instructed when the Company’s stakeholders failed to agree a second restructure. Despite having to cease trading Moorfields managed to realise the name and goodwill of the Company as well as achieving a price for the stock that far exceeded our agents break up valuation. The effective sale of the business as a going concern enabled us to protect the book debts resulting in a full recovery for the secured creditor.
Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.