Tue, 09/07/2019 - 13:53
Philip Duffy and Sarah Bell, both of Duff & Phelps, have been appointed Interim Managers of Northern Powerhouse Developments Limited effective Sunday 7 July 2019.
The court order followed the appointment of both Duffy and Bell as Interim Managers of MBI Hawthorn Care Limited, MBI Clifton Moor Limited and Afan Valley Limited (“the Companies”), which took place on Friday 5 July 2019.
The appointment follows an application with the high court in London by seven investors who had invested in the Companies owned by Gavin Woodhouse. The appointment will enable the Interim Managers to secure the assets of the Company while enabling a detailed assessment and forensic investigation into where many millions of pounds have gone.
Duffy, Interim Manager, says: “The most recently filed accounts of the initial three companies we were appointed to show them to all be insolvent on a balance sheet basis, so naturally creditor investors have been very concerned that they were not going to get their money back.”
“Our appointment by the Court over a weekend illustrates the seriousness of this case. It was absolutely essential we were appointed to act as Interim Managers on one of the main companies, Northern Powerhouse Developments Limited, so that we could gain access to its financial history.
Philip Duffy added: “This case has had considerable media interest over the past few days and as such we are aware that there are hundreds of other creditor investors. If any of those creditors wish to contact us, we have set up a dedicated email address and phone number.”
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