Wed, 25 Jul 2012 | ADMINISTRATION
The Green Drinks Company is exploring the possibility of a company voluntary arrangement (CVA) to keep the business trading.
The firm supplied a vending machine system using pouched beverages but a series of problems with the design of its machines led to financial problems and the firm eventually entered administration on 24 May this year and ceased trading.
However, a new report from administrators Milsted Langdon states that outline proposals for a CVA have been received by the company's directors and full proposals should be circulated soon.
The report noted that the product was “well received in the market place” but noted that problems arose with the functionality of the machines. Further investment was sought by The Green Drinks Company but when a health and safety issue was found to require additional parts to be fitted to each machine a decision was made to cease trading activities.
Redundancies among staff were made shortly after this and administrators began taking steps to even things out with creditors.
Preferential creditors are owed £12,205, while a total of £2,724,568 is owed to unsecured creditors and £606,889 to trade creditors. Employees are owed £93,000, while HM Revenue & Customs can claim £24,679 and a £2 million loan is owed to Finasucre.
These claims are likely to reduce if the CVA is successful but the business will require some work to find a healthy trading ground.
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