Prosperity4: Administrators confident of survival

by Susie Hughes at 08:54 07/08/07 (News on Business)

Prosperity4's administrators, Chantrey Vellacott, has confirmed the purpose of the administration is the survival of the company, and that it is continuing to trade to achieve this.

Advertisement Three partners in the Business Recovery Division of Chantrey Vellacott - Richard Toone, Kevin Murphy and Ken Touhey - were appointed Joint Administrators to the umbrella company on August 1, 2007. (See: Administrators called in to Prosperity4 - Shout99, Aug 2007). Richard Toone said: "The support received from the vast majority of employees and agencies has been remarkable and gives us confidence that we will achieve our objective of securing the survival of the company." Prosperity4 has now put a notice on its website with the adminsitrators' contact details for enquiries. Debenture holder Chantrey Vellacott confirmed to Shout99 that the administration was triggered by a 'debenture holder'. A debenture holder is usually an individual or institution with a financial interest in the company. The Enterprise Act 2002 introduced a new administration procedure with a view to promoting company rescue. It restricted the right of a debenture holder to appoint an administrative receiver in favour of administration, where there is a prospect of continuation of all or part of the business as a going concern. -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2007

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