Insider Media Limited

Assets owned by Liverpool-based M62 Visualcommunications, which offers PowerPoint presentation services, have been bought out of administration by one of the company's former directors.

A business called Killer Presentations, set up by director Nicholas Oulton, has agreed to buy assets including stock, intellectual property and customer contracts from joint administrators at RSM Tenon.

M62 Visualcommunications, based at Brunswick Business Park, entered administration in December 2011 after hitting cashflow difficulties. A report published by RSM Tenon said the company's problems stemmed from the administration of Sikin Recovery, a business which collapsed in August 2008.

Oulton was the majority shareholder of Sikin and bought the assets of the company from administrators. It later changed its name to M62 Visualcommunications following the purchase.

Documents have now revealed that M62 Visualcommunications reported a turnover of £1.7m in the nine months to 30 June 2010 and a pre-tax profit of £75,700. However, the business continued to experience cashflow difficulties and had sought the advice of The Debt Advisor.

The business was marketed for sale and two offers were received. RSM Tenon said a deal was struck on 5 December 2011 to sell the business and assets for £35,000 to "a large media services group". However, the deal subsequently fell through.

The administrators said: "It came to light that the consulting team and other crucial members of staff, including designers and project managers had decided that they did not want to be part of any 'New Co' and as a result would reject any transfer of their employment.

"As the prospective acquirer felt that they were no longer able to pursue their interest they subsequently withdrew their offer."

As a result, secured creditor Bibby Financial Services exercised its right as a qualifying floating charge holder and filed an application in court on 7 December 2011 to appoint administrators.

Following the appointment of RSM Tenon, an offer of £39,500 was accepted for the company's assets from Killer Presentations. The administrators said the sale meant the business would continue to trade and provide "greater realisations from the book debt ledger due to the continuity of the business".

Bibby was owed £177,000 at the time of the collapse and has now been repaid in full. Book debts of £53,000 have already been collected and it is estimated a further £76,000 will be collected.

RSM Tenon has estimated that £183,800 will be available for unsecured creditors although it is thought there will be a deficiency of about £572,000. Trade and expense creditors were owed £229,300 at the time of M62 Visualcommunications' collapse, while HM Revenue & Customs was owed about £500,000.