This case study surrounds a start-up with hopes of success in the motorsport industry, comprising of four experienced individuals with a breadth of relevant knowledge. £2.1 million was invested in the project with the expectation that the company would begin generating income in March 2022.
When promised funding from an overseas shareholder failed to materialise, PKF Smith Cooper were instructed to advise the Board of Directors on the options available to them. In this circumstance, recovery was not an option and the best possible route was to place the company into Administration, to protect creditors’ interests.
Dean Nelson and Michael Roome, Business Recovery and Insolvency (BR&I) Partners at PKF Smith Cooper, were appointed as Joint Administrators and worked to ensure that the maximum value was realised for the company’s assets, in this case via a pre-packaged sale.
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