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Tuesday, 13 September 2011

Navyblue to go into liquidation

Navyblue, the fashion designer, which has UK offices in Edinburgh and London, has announced that it is to go into liquidation.  Only in 2010 the firm won an award for Agency Designer of the Decade. 

The consultancy says in a statement, ‘Despite continued support from our bankers to address current economic and trading pressures, our recent “internal” problems have proved too difficult to overcome.’

These internal problems relate to the sudden departure of one of the founder Douglas Alexander who was suspended due to a "breach of company policy"  No doubt the details will come out of the liquidation report which will be published once a liquidator has been appointed. 

The directors have said that the company has gone into liquidation.  However, in most cases, what has happened is they will have instructed an insolvency practice, like KSA Group, to act as liquidators.   This formal appointment will be made at the creditor's meeting, notice of which will be published once a date as been decided upon. 

Navyblue also has offices in Oman and South Africa which it is understood will be unaffected by the liquidation

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