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Microland slips into insolvency

Another one bites the dust

Internet-based PC supplier Microland Technology are due to go into liquidation at the end of the month, having been pronounced insolvent on 6 January.

With over 300 creditors (not including customers) and very little in the way of assets, the Stockport-based company had run up a level of debt it could not hope to repay.

Ian Millington, partner at Unity Business Services and prospective liquidator of Microland, said, “We have been instructed to call meetings [of creditors and shareholders] to place the company into Creditors Voluntary Liquidation. These are to be held on Monday 31 January 2004. Shortly after the meetings it is expected that the company's assets will be sold.”

Although there has been some interest in the company’s assets, Millington could not say that there was any prospective buyer. “We’ve had one or two people requesting information, but whether that will transfer into a purchase or on what terms, it’s too early to say,” he said

Among the assets available are Microland's website and customer base. It is possible that, as in the recent collapse of Carrera SSC, a rival company will buy the brand and its operation and honour existing customer contracts. Millington could not say whether this was likely to happen.

“Obviously for customers it would be nice if someone would pick them up, but that hasn’t happened yet. Whether there proves to be anything [attractive] to buy, only time will tell,” he said.

A statement from the prospective liquidators had this to say to existing customers: “Whilst we are currently assessing the company's financial position, on present information there is likely to be no dividend to the company's ordinary creditors. Customers who have paid in advance for goods and who are unable to secure a refund from their credit card company should lodge details of their claims with us, for inclusion on the creditors list, as soon as possible. It is important to know the full extent of the company's debts. They will be contacted again after the meetings on 31 January.”

Unity can be contacted at Clive House, Clive Street, Bolton, BL1 1ET. The company’s phone number is 01204 395000 and the fax number is 01204 377530.

Of the ten erstwhile staff and four directors of Microland, none were available for comment at the time of writing.


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