Administrator: 2e2 owed £412m to creditors when it went titsup 2e2 Ltd crashed out of business owing creditors a little over £412m, the firm's administrator FTI Consulting has confirmed in its statement of affairs. The document, seen by The Channel, revealed debts secured by floating charges of £161.5m pertaining to the integrator's banking syndicate, and unsecured non-preferential claims …
There were 320 staff who are unsecured creditors as they are owed their December pay, over time, expenses etc.
The HP Debt collectors have been in touch (excuse me how did you get my postal address?) with staff to try to recover laptops they leased to 2e2. Perhaps they should be looking on ebay.
Now about that IL3 data held on corporate laptops that were never recovered....
Curious numbers. 2.5 million and I guess it would have cost maybe 2 million tops to pay the salaries of the 345 that were kicked out without pay. So, booted to pay the administrators. That action was the first time most of the market found out what was happening. Resulting in any customers that could run, fleeing as fast as possible.
We know that, at that point, there were 70 interested buyers (reported previously). All gone by the following week. In summary, FTI kicked out 345 to ensure there would be funds to pay themselves and killed any chance of a decent sale in the process.
They may never have got a great sale, but I bet it would have been more than 2 million better than the 32 million they achieved. Short sighted and useless.
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Hardly surprising that FTI Consulting only realised £32M for the sale of 2e2.
On day one they went straight in with the boot and destroyed parts of the company that were profitable and had some value. What was left was so damaged and incomplete it had to be virtually given away.
The senior management (???) brought about this collapse and they should be investigated to the fullest extent.
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