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Monday, 4 March 2013

Textile Direct Going into Administration

Textiles Direct Holdings owns 60 shops across the UK. The company has filed a notice of intention (NOI) to appoint administrators at the High Court in Manchester on February 27.

This process allows a legal moratorium (or protection) from creditor actions. This is often used to protect the company whilst buyers are contacted and a pre-pack administration "deal" is prepared.

The notice (NOI) provides ten working days moratorium, but a further NOI can be applied for if further time is required for the sale.

Read more here on what is pre pack administration

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