Eddie Brown Tours Ltd has reportedly gone into voluntary liquidation after receiving a winding-up petition.
HMRC issue Winding-up Petition
The company was bought by Island Fortitude earlier last year but struggled with historical debt and other issues. This resulted in 28 of its 38 vehicles being taken back by finance companies in mid-December.
As a result of these financial problems, a new company, Eddie Brown Travel Ltd, will carry on the work.
“The investors had 48 hours to examine the business when it was sold by KPMG, which meant that the due diligence was not as thorough as it would otherwise have been.
After purchasing the firm from the Brown family, a number of financial issues were discovered.
We’ve worked incredibly hard to try to trade our way out of it, but ultimately the winding-up petition served by HMRC left the shareholders with no alternative, other than to appoint receivers.
We have set up Eddie Brown Travel Ltd which will continue in a smaller, profitable, form and continue to provide employment for staff on a firm financial footing.”
Winding-up Petition Solicitors
If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment, CVA’s or successfully challenge the validity of the winding up petition to ensure that the petition is dismissed, often without public advertisement.