Diane VON Furstenberg Studio UK Limited (04437731): administration
- Status
- Administration ended
- Administration began
- 2020-05-18
- Administrators' firm
- FRP Advisory
- Incorporated
- 2002-05-14
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
From the administrators' statement
As mentioned above, the parent company and Company were suffering from. funding issues and difficulties seen in the retail sector. As a result, the directors believed that the Company may not have been in a position to settle the liabilities as they fell due.
In response to this, the directors engaged FRP at the beginning of Aprif 2020, to advise on the-various restructuring options. Initially, the strategy explored was a CVL process. However, following some of the early advisory telephone calls, it was agreed that the Company’s creditors would receive a better outcome if the Company were placed into administration first, prior to winding up. This was because the Company still held a significant amount of stock and it was believed that the sale of this stock could achieve a higher value if it were to be completed during a wind down the’ Company. The mortarium provided protection from creditors who could distrain over — the assets, which would not have been available in a CVL. Once the stock position had been established, FRP were able to arrange for Hilco Global to assist with the stock realisation strategy.
The delay between ‘the date at which FRP were engaged and the subsequent appointment of the Joint Administrators was due to the resolution of matters in respect of US parent company.
Administrators' statement of proposals (2020-07-21) · Companies House register