Wednesday, 12 July 2017

Ovivo Liquidation reveals funny side of collapse


Ovivo raised massive sums on Crowdcube and lost even more shortly afterwards. Deep in the final statement by the liquidators, we found something even a horse could laugh at.


Ovivo was the fist big disaster for Crowdcube - there have been many since.

It is finally laid to rest having lost over £1.5m of people's and creditors' money.

Thats not the funny bit.

In the initial report , the administrators said they hoped to be able to return 18p in the pound to unsecured creditors. They duly went about the job of finding buyers for the company IP etc. 

Well they didnt do too well on that score. The final report states that the expense of finding buyers and chasing them up more than spent the 18p in the pound, so now creditors will get nothing. 

Fatuous?

That's the funny bit. 

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