This month has seen even further instructions and a number of pending cases for insolvency valuations and it certainly doesn’t look like it is slowing down any time soon. The cases continue to be on a smaller scale, but of course, still require the same amount of work, so the team are proactively busy ensuring timely valuations for our clients. Whilst we are busier, the cases still seem to have a lot more problems than they do assets!
Folllowing the second auction of the Bystronic BySprint 3015 CNC Laser Cutter at the beginning of June, we are pleased to confirm that it has been decommissioned and collected. We were able to finally complete the clearance of the property and hand it back to the Landlord. Whilst it was a frustrating situation for all involved, it is great news to have re-sold the machine and secured the funds for creditors.
Another mixed bag of liquidation cases have graced our doors this month, including a boutique clothing store, a petroliana exhibition, an independent auto body shop, 2 food establishments, an accountancy, a consultancy business, a bespoke embroidery business, a joinery company, a kitchen company, a gym, a digital marketing company and an estate agency, with several more diverse cases in the initial stages. Some cases requiring simple physical asset valuations and some requiring intangible valuations for business goodwill and IP. We aren’t really seeing any trends in terms of sector at the moment, but are definitely dealing with the smaller end of the business world.
We are also dealing with the valuation and sale of the intellectual property of a highly specified technology company. There are quite a few hoops to jump through in terms of licencing and transferring the assets to the intended purchaser, but there should be an excellent return to creditors once it completes.
Valuations & business sales
We continue to also be selected to value and market lucrative businesses and we are now preparing a sale of a successful trailer business. Liv has also been instructed to consult on the purchase of a public relation company. It’s great to see that some businesses are still continuing to thrive.
Second hand market
It is clear that there is a downturn in the quantity of used vehicles that are progressing through liquidation cases, the majority of vehicles in such cases are either financed and have little to no equity, or those that are not financed are of negligible value due to age, wear & tear and consequently are undesirable purchases.
My Invoice Golf Day raises £1,500 for the UK Sepsis Trust
Earlier this month we were proud to be part of the My Invoice Golf Day, which raised an absolutely fantastic £1,500 for the UK Sepsis Trust. The cause is close to the team at My Invoice, in 2016 one of the company's directors contracted the condition and is still fighting the repercussions of losing strength in his arm. Sepsis is caused by the body's defence system working overtime to fight infection.
The Proudley Associates team of Sandy Kinninmonth (FRP Advisory), Ray Cook, Mark Proudley and Clive Fortis (Antony Batty & Company), came runners up and are thrilled…we are particularly fond of Mark’s well considered golf pose!
RICS Red Book Valuations
Liv is also writing a piece on the purpose of RICS Red Book Valuations, which will be published next month. Highlighting the benefits of a RICS Chartered Surveyor and Red Book Valuations, which can be required by:
· Banks and mortgage providers
· Property disputes
· Tax calculations
· Pension purchases
· Shared ownership
· Divorce cases
· Court proceedings
· Company accounting
· Partnership dissolution
· Compulsory purchase
We are aware a number of our clients also possess several divisions within their company, that could potentially require RICS Valuations. So please do bear us in mind and contact us should this be an area we could assist with. It is a valuable asset and promotes using a more rigorous approach on all our valuations.
There is no place we don’t go!
With our office based in Ringwood, we are well positioned to predominantly serve Hampshire, Dorset and Wiltshire. However, a significant number of our cases are assessed throughout the UK, particularly West Sussex, Isle of Wight, East Sussex, London & the Home Counties, Devon and Cornwall. In some circumstances, we travel even further afield, however, we are also able to carry out desktop valuations which prove very useful for some of our clients. We have even had assets valued in Greece!
As always, please do not hesitate to contact us if we can be of assistance with any matters. We are always happy to take a look at assets for you and let you know if they are worth dealing with. The impact of Covid-19 on many disposal processes have heightened the thresholds of what is cost effective to deal with and not.
We hope you all keep safe and well, and have a busy and prosperous rest of 2022!
The Team at Proudley Associates