Global Trading Europe Ltd has been placed into provisional liquidation following a hearing at the High Court in Manchester on 8 January 2021 after application by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.
The Official Receiver has been appointed as the provisional liquidator and has responsibilities to protect the company’s assets pending the outcome of a petition to wind up the company in the public interest.
As provisional liquidator the Official Receiver will:
- take control of the company from those currently responsible
- take steps to protect the company’s assets
- provide a point of contact for those who have had dealings with the company
The provisional liquidator also has the power to investigate the affairs of the company to protect assets including any third party, or trust monies, or assets in the possession of, or under the control of the company.
The case is now subject to High Court action and no further information will be made available until the petition is heard on 16 March 2021.