Begbies Traynor, administrators from business rescue, recovery and restructuring specialists have been appointed through a court application on 15 February to Black and White Group.
On an application by the company directors the court appointed joint administrators Bob Young and Paul Finnity of Begbies Traynor’s Stoke office to take control of the business.
Trading had ceased prior to Begbies Traynor’s appointment, which implemented a strategy to maximise the realisation of assets such as the customer pipeline and database. The current list of customers who were applying for mortgages at the time were quickly passed for processing to an independent regulated broker. Begbies Traynor has now only to sell the final asset, the client database.
Bob Young, senior partner of Begbies Traynor’s Stoke office, says: “Black and White suffered losses as a result of the credit crunch and an attempt to list on the AIM exchange, which unfortunately failed. We are now doing all we can to proceed with the final sale and conclude the case for a satisfactory resolution for everyone involved.”
Begbies Traynor is part of the Begbies Traynor Group plc, an AIM listed specialist professional services organisation, providing independent professional advice and solutions to businesses, financial institutions, the accountancy and other professions and individuals in areas of finance, recovery, investigation and risk management, specialist financial advice and commercial finance.