Closed petition Liquidated Companies: Asset sale.

Closed on 25 September 2013

I would like to start a petition that stops companies who have entered administration from selling their assets to a preferred bidder. Instead of this, assets should be sold fairly on the open market to give creditors a better chance of recouping lost revenue.

An example of this is The Rangers Football Club PLC which sold its assets with an estimated market value of £95m for £5.5m. Many companies have lost out due to this sale, and it includes HMRC. The fair sale of these assets on the open market would have allowed the Creditors to be paid in full and still have money leftover for the company to continue trading as is. The company has carried on trading, be it, under a different name, and many small businesses have lost out due to this.

I feel, as do many others, that this is unfair on small companies, and makes a farce of Business Law in this country.