Evolution Holdings' creditors are unlikely to recoup any of their funds after it was revealed that the retail operation had plunged into liquidation, owing #1,735,211.
At a creditors' meeting held on 23 December, it emerged that the biggest creditor was IBM UK, with over #125,000 owed. Creditors at the meeting subjected Evolution MD Martin Hodgson to a barrage of questions, accusing him of running the company without adequate finance to trade properly.
A representative for Gemma Computers and Philips questioned Hodgson on why he believed the company was a viable prospect when it was bought from Anglo, and challenged his retail experience. The representative claimed the company was 'hopelessly insolvent from day one'.
A Cybertec representative accused Hodgson of saying he did not care when Cybertec asked for payment of goods and of not warning shareholders of the problems.
Creditors questioned exactly what Hodgson had bought for #350,000 and why he though the company was viable.
Hodgson insisted he had believed the company would survive and blamed the excesses of the previous management for problems.
A representative at Baker Tilly said it would conduct its normal investigation into Evolution Holdings' assets as required. Colin Haig, a partner at Baker Tilly, added he was 'not optimistic of a generous dividend for creditors'.
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