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Toner Inc Ltd enters insolvency

September 29, 2020

The UK based surplus OEM supplies trader filed for insolvency.

Toner Inc Ltd, based in Brentwood, United Kingdom filed for insolvency with debts of £980,000 (€1.086 million / $1.27 million) and assets of £18.800 (€20.600/ $24.200).

Toner Inc Ltd was incorporated in January 2004 and specialised as a surplus OEM supplies trader. According to their website, “Toner Inc Ltd have built a solid reputation for reliability and quality, as Trade Buyers and Resellers of OEM Toner and Inkjet Cartridges.”

In June 2018 the company had assets of £2,07million (€2.27 million/ $2.67 million) and liabilities of £1.7 million (€1.87 million/ $2.18 million).

In March 2020 the company entered into a new factoring or invoice discounting agreement with Advantedge Commercial Finance Limited, a specialist in providing cash flow solutions to UK small and medium-sized businesses.

On 21 April 2020 the company satisfied their factoring or invoice discounting agreement with RBS Invoice Finance Limited.

On 14 May 2020 the company filed an extraordinary resolution to wind up the company and appointed Mark Grahame Tailby (IP No. 9115) and Graham Stuart Wolloff (IP No. 8879) both of Voscap Limited, 8 Hill Street, Mayfair, London, W1J 5NG as liquidators.

If the company is insolvent the directors can wind up their company through a creditors voluntary or a compulsory liquidation. Creditors can also apply to wind-up an insolvent company up through compulsory liquidation at their expense.

Directors of an insolvent company that has gone into liquidation will be banned for five years from forming, managing or promoting any business (including companies) with the same or similar name to the liquidated company.

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