Administrators sell website name for £120,000

THE ADMINISTRATOR of a website provider has sold one of its registered domain names for £120,000.

Steve Tancock, a restructuring partner at Reeves & Co and the administrator, sold the website from insolvent business Stem Distribution.

Specialist valuers and agent AMCO Agency worked with administrators in securing the website’s sale.

The sale included ancillary websites and coding used to operate the sites.

“I am pleased to have successfully secured this sale which should result in a return to the unsecured creditors,” said Tancock.

“My agents continue to market the remaining assets of Stem Distribution Limited which include a number of generic domain names and Oooba Limited. We are hopeful of increasing the anticipated return to creditors in the near future.”

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