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MG Associates Limited - Press Release

Posted by Louise Metters on Monday, 11 April 2016 in General

The director of MG Associates Limited appointed Michelle Weir of Lameys Business Recovery as administrator on 6 April 2016.  The South West accountancy business has already been sold as part of a pre-packaged sale which preserves the jobs of the Company’s employees and ensures the Company’s customers do not suffer any disruption.

Over recent years MG Associates Limited has been involved in extensive litigation.  The recent judgement left MG Associates Limited in an insolvent position with a liability which it could not pay.
The business was marketed before the administration and the best offer was received from a company connected to the director. 

The business has therefore been sold to MG Accountants Limited which is a company owned and controlled by the director’s wife.  As a result the management and staff will remain unchanged and business’ customers should experience almost no disruption to the service they receive.  Contact numbers and personnel have not changed.

The only significant change is that the business has ceased trading, from one of its offices.  The Dartmouth office workload will now be administered from the Kingsbridge office.  The Torquay office will remain unchanged.

Michelle Weir, partner at Lameys Business Recovery, commented, “We are pleased to have been able to secure a sale of the business which will facilitate a return to the company’s unsecured creditors and saved jobs.  The only real alternative was to liquidate the company and that would have been far worse for the creditors, staff and customers.”

Michelle went on to say, “It is clear the sale to a company which is connected to the director has provided the best possible outcome.  The business was extensively marketed before the administration and, whilst there was significant interest, the best offer was received from MG Accountants Limited.”

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