Bridge sells off its assets
System builder enters administration and begins proceedings to recover creditors' funds
The assets of failed system builder Bridge Technology have been sold, although creditors are unlikely to get a significant return on money owed.
Wiltshire-based Bridge Technology Group went into administration last month after its creditors applied to the High Court to have the company wound up (CRN, 6 March).
Nitin Joshi, partner at insolvency and accountancy firm Vantis, which was appointed as administrator, said: “We have sold the stock and various other parts of the business. We are now tidying up loose ends.”
Joshi confirmed that all staff have now been made redundant and that the company has ceased trading.
“It is too early to establish what the eventual return to creditors will be, but we are hopeful that there might be a small dividend,” he said.
Roger Mather, managing director of distributor Actebis, said: “The rate of change in the industry has accelerated in the past year. It has gone past the tipping point. Resellers that haven’t worked out a viable business plan are falling out of bed. I expect this trend to continue.”