Genesis Capital Limited is being liquidated by a voluntary
creditors’ liquidation, Leasing Life can reveal.
The specialist IT broker is to hold a creditors’ meeting on
November 11 in London, where it will disclose the company’s
statement of affairs and appoint Wilson Field as liquidator.
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It is understood that Genesis Capital Limited transferred its
asset finance broking business to another entity, Genesis Capital
(Finance & Leasing) Limited, last summer.
“[The liquidation] is being instigated by me as a final solution
to a 15 month dispute we have had with the landlord of our main
office, Zurich Assurance plc,” explained Matthew Porton, managing
director of the company.
Porton said that as part of the process, all of Genesis
Capital’s trading agreements with funders, vendors and clients, as
well as its leases (both as lessor and lessee) and loans (as
borrower and lender), were novated, “to ensure complete continuity
for all of our stakeholders who were made aware of the problems we
were having, and why the transfer was taking place”.
The terms of these agreements were not modified in any way,
Porton said, and the new entity has taken on all liabilities to
funders, clients and vendors that Genesis Capital Limited
previously had.
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By GlobalData“No trade creditors, funders or clients will lose any money from
the arrangement,” he added.
A full write-up on Genesis Capital will appear in the next
issue of Leasing Life (December issue).
Jason T Hesse
