October 17, 2012
UK manufacturer placed under creditors’ voluntary liquidation following Product Line Services entering administration.
Product Line Services (UK) Limited recently entered into administration and the owners subsequently established Tanark Manufacturing in an attempt to purchase the assets of Product Line. However an administrator’s progress report denotes a number of issues that resulted in Tanark entering voluntary liquidation.
The report makes note of “the difficulty joint administrators have encountered in collecting the outstanding deferred consideration due from the Purchaser [Tanark ]. Unfortunately, in June 2012 the Purchaser contacted the joint administrators to advise that it was looking to enter into a company voluntary arrangement (“CVA”) […] it became apparent in August 2012 that the proposal was not going to be acceptable to certain of the Purchaser’s creditor”.
The document continues “on review of the Purchaser’s financial position by the insolvency practitioner engaged by the joint administrators, it was deemed that the most appropriate course of action for the Practitioner was a creditors’ voluntary liquidation (“CVL”)”.
Tanark Manufacturing Limited has been listed as in liquidation by Companies House. On 9 May 2012, a listing for Tanark Manufacturing (UK) Limited was created, with an address in Wakefield, West Yorkshire.
The manufacturer still maintains a website via URL www.tanark.co.uk, listing a head office in Wakefield, and a factory in Heanor, Derbyshire.
In September 2011, UKCRA won a complaint against Tanark resulting in the removal of a misleading remanufacturing claim. The Advertising Standards Agency found in favour of the complaint made by the association referring to a logo and website advertisement stating “REMANUFACTURED IN THE UK”, with the company previously asserting that the misleading nature of the claim was unintentional but refused to remove the signage.
The signage has since been altered to include a disclaimer that “at least 60 percent [of products are] remanufactured in the UK”.
Categories : Rank 1
Leave a Reply
You must be logged in to post a comment.