View more on these topics

Evaluate to be plucked out of administration

Evaluate Technologies is to be pulled out of administration and the assets transferred to another company, Mortgage Strategy understands.

The sourcing system provider will enter into administration this month but staff wages and client contracts will be unaffected by the transition.

Valentine & Co is acting as administrator for the software firm which is thought to be planning to transfer its assets and staff to another technology firm owned by the company’s founder Peter Carron.

But Mortgage Strategy understands that some redundancies have already been made.

One source close to the deal tells Mortgage Strategy: “The firm has been through a difficult time but it will be business as usual once the assets are transferred.

“Evaluate will enter administration in an orderly fashion, and all existing contracts and staff will be paid.”

Documents filed with the London Gazette show a meeting of creditors will be held on May 27 at the offices of Valentine & Co with the proposed liquidator Mark Reynolds.

One of the company’s biggest creditors is believed to be HM Revenue & Customs.

A petition was also filed on May 6 by Revenue & Customs to wind up Evaluate, with the hearing set for May 19 in the High Court of Justice, although Mortgage Strategy understands this hearing has now been adjourned.

Evaluate has a number of highprofile clients including Confused. com and This is Money, for which it provides sourcing facilities.

In May 2009 Evaluate bought mortgageLinked – Network Data’s online mortgage sourcing business, which comprised 46 staff and more than 200 clients.

Valentine & Co could not comment on whether it is acting for Evaluate or not. Carron was unavailable for comment.

Recommended

Newsletter

News and expert analysis straight to your inbox

Sign up