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Brainspark plc to appeal winding-up order

February 04 2012

International AIM listed investment company Brainspark [BSP] is to fight a court-ordered winding-up order granted to creditors pursuing non-payments of more than £62,000. Brainspark plc, which states it has a net asset value of £15.9m, is appealing against the court’s decision over the £62,326.14, arguing that an agreement with creditors had been reached prior to the hearing.

In a statement the company said: “…a winding up order was made against the Company in relation to the non payment of a debt of £62,326.14. The certified Net Asset Value of the Company is £15.9 million. The ruling was unexpected as the Company believed it had reached an agreement with the petitioning creditors in advance of the hearing, in the knowledge that funds far in excess of the petition debt were due to the Company within a short time frame. Brainspark has instructed its lawyer to appeal against the decision and apply for the recission of the winding up order, and is making payment of the amounts claimed by the petitioning creditors today 3 February 2012. The directors of the Company hope that in the light of this action, the winding up order will be rescinded by the court.”

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