Restructuring and Insolvency team complete pre-packaged administration transaction of Magnum Utilities Ltd

2 minutes de lecture

Our Restructuring and Insolvency team have completed a pre-packaged administration transaction of Magnum Utilities Ltd – In Administration - securing the survival of the business and jobs of all employees.

The team, comprising of Jasvir Jootla (partner), Emily Rust (associate), worked for the Administrators, Paul Berkovi and John Noon of Alvarez and Marsal and the existing management team to agree a sale of its smart metering services and electric vehicle charging solutions to the YU Energy group, enabling growth of the supply chain in domestic and commercial metering. The team was supported by the firm's wider insolvency experts in employment and TUPE (Hannah Swindle, Martin Chitty), specialist real estate (Phil Clissitt), IP (Zoe Pearman) and tax (Lee Nuttall).

Jasvir also advised the management team in the lead up to insolvency and the Restructuring and Insolvency team supported management through the sale of assets in the company's installation and servicing of gas and electricity meters part of the business to Smart Choice Metering Limited. Sian Dewing and Gareth Baker also supported as did the firm's regulatory experts (Gus Wood) in relation to retail energy code accreditations.

The transactions have secured the jobs of all the workforce, including 80+ skilled engineer staff and key knowhow operational processes.

The team continue to advise the Alvarez & Marsal team as administrators.

CECI NE CONSTITUE PAS UN AVIS JURIDIQUE. L'information qui est présentée dans le site Web sous quelque forme que ce soit est fournie à titre informatif uniquement. Elle ne constitue pas un avis juridique et ne devrait pas être interprétée comme tel. Aucun utilisateur ne devrait prendre ou négliger de prendre des décisions en se fiant uniquement à ces renseignements, ni ignorer les conseils juridiques d'un professionnel ou tarder à consulter un professionnel sur la base de ce qu'il a lu dans ce site Web. Les professionnels de Gowling WLG seront heureux de discuter avec l'utilisateur des différentes options possibles concernant certaines questions juridiques précises.