PROPERTY BUSINESS OEM is set to appoint supervisors from UHY Hacker Young to place it into a company voluntary arrangement (CVA).
OEM’s chairman said Hacker Young was chosen due to its efforts helping the company recover funds the property company claims were misappropriated by a former director prior to 2005.
The downturn in the property market, couple with debts, has seen OEM left with no assets.
The chairman, unidentified in the stock exchange statement, is seeking to pay off creditors, bring its records up-to-date with Companies House and retain its listed status on the stock exchange.
“In making the arrangements for a CVA the directors have been able to ensure that the creditors of the company derive some comfort from a proposal to clear all or part of their debts, whilst also restoring the status quo with Companies House and HM Revenue & Customs, who at this stage are not owed any payments, but equally have not had the opportunity to examine company accounts and therefore raise any questions and satisfy themselves of that situation,” said the chairman.
The announcement is OEM’s first statement to the stock exchange in 18 months.
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