3 April 2012 - 4:30pm | posted by | 1 comment

Oxygen Creative Solutions liquidator laments 'extraordinary and unusual case' as more detail emerges

Oxygen Creative Solutions faces liquidationOxygen Creative Solutions faces liquidation

Nottingham design agency Oxygen Creative Solutions has been forced into liquidation because of an 'extraordinary and unusual' set of circumstances involving a police inquiry about a separate company, its liquidator has told The Drum.

Richard Saville, senior partner at Begbies Traynor Nottingham, claimed Oxygen had no choice but to cease trading merely because it is the tenant of a company under investigation by police.

He said Oxygen had been the victim of circumstances outside of its control and that he had never seen a case like it in his 34 years in the profession.

In a statement, Begbies Traynor explained that Oxygen traded from The Triangle, NG2, which was owned by Arck LLP, a company which has been placed into provisional liquidation and which is subject to an ongoing inquiry by Nottinghamshire Police and the Financial Services Authority.

As part of this investigation, Begbies Traynor said Oxygen's bank account was frozen even though it had no connection with Arck LLP.

The liquidator added that because the account remains frozen, Oxygen has had to cease trading because it is impossible to continue without a bank account.

“This is an extraordinary and unusual case," Saville said.

"In my 34 years in this profession I have never before come across a situation where a solvent and viable business has to cease trading merely because it is the tenant of a company under investigation by the authorities.

"From our own enquiries it would appear that there is no question whatsoever of any impropriety on the part of the directors and that they have merely been unfortunate to be located in this property. The only real option was to place the company into liquidation in order that the actual business could be sold as a going concern.”

A creditors' meeting is scheduled to take place on 18 April.

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Comments

4 Apr 2012 - 11:10
bjone17165's picture

I'm not sure if the write up of the story, or Begbies are confused here. It's pretty obvious why there is a problem - the majority of Oxygen's shares are held by the two partners of Arck.

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