At the first of two formal meetings to be held at 11am at the National Motorcycle Museum in Solihull tomorrow, 18th January 2011, shareholders will vote to resolve to place Add Momentum Innovations, including brands All About Leads, Leadbay, Leadbay Media and Add Momentum, into liquidation.
During a second meeting, creditors will vote to ratify the appointment of Baker Tilly and to liquidate the remaining assets within the company.
David Murphy, the appointed administrator at Baker Tilly Restructuring and Recovery LLP, said: “The company is insolvent and can no longer trade. The main factor in the decision to liquidate is that it is unable to satisfy its liabilities. Tomorrow’s meeting is a formality and will give creditors a chance to question the company’s director. It is also an opportunity to deal with creditor claims.”
On 11th January the directors of Leadbay Media Group announced they had sold the company’s principal trading assets, including all of the Leadbay and Add Momentum brands, to Mitchell Farrar Group LLP, which intends to “bring the brands back to their former glory”.
The cash generated from this sale will go towards paying for the cost of liquidation and any surplus remaining will be distributed to the company’s creditors.
