Paul Finn and Peter Finn, partners at insolvency practitioner Finn Associates in London, were appointed administrators to carbusters last month.
They are now looking to fulfil creditors’ interests, as they complete the orders made by carbusters’ customers. The online car dealer will receive income for any business that is transacted under its name.
Paul Finn told AccountancyAge.com the company had applied for an administration order after losing substantial amounts of money when several of its suppliers went bust or failed to deliver after being paid.
He said: ‘We have entered into an arrangement with Oneswoop (an online automotive company) to carry out and fulfil the order book.’
Although some customers have complained of delays in getting the cars they ordered, Finn said it was not the traders’ fault. ‘In my experience the industry as a whole cause delays. It is impossible to say whose fault it is,’ he said.
Finn explained the administration was unlike any other as it involved Which?, the internet arm of the Consumers’ Association. Six months ago, Which? sold carbusters to internet investment fund Bizzbuild.
However, the administrators have effectively sold the business to Oneswoop, who will trade the business and fulfil the leftover orders.
When the orders are fulfilled, carbusters is likely to disappear with Oneswoop taking over its business.
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