Sector: The Hire & Sale of Plant & Machinery, Specialising in Power Plant & Generators
Task: Asset Tracing & Recovery, Valuation & Realisation
Initially instructed to provide valuation and disposal advice in respect of the tangible assets of the company, Wyles Hardy’s investigations quickly uncovered a number of anomalies within the asset schedules. The task then developed into an asset tracing exercise with the majority of the assets being subject to multiple Third Party finance agreements in favour of some forty separate finance companies. The agreements were in arrears and the finance companies had largely terminated them.
Located on multiple sites throughout the UK and overseas the assets needed to be recovered and returned to the correct finance companies, however some finance companies had instructed collection agents prior to the appointment of the Administrators. There were also a number of ad hoc agreements between the officers of the company and the numerous creditors which required detailed analysis to extract and identify the correct ownership of the assets.
Wyles Hardy assisted the majority of the finance companies in tracing and recovering their assets as well as the relatively small amount of wholly owned assets, which were sold via a series of timed online auctions and private treaty sales.