orb_group

Restructuring and Turnarounds using formal insolvency procedures

Orb Group - Administrators

Orb was a conglomerate that made a number of large real estate investments – and in certain cases invested in business that became tenants to support the property portfolio.

The entrepreneur behind Orb had managed the business as his personal fiefdom – and had created a large number of inter company transactions both within the Orb group and also with other companies that he controlled (both on and offshore). This created a financial mess and a paper trail that was impossible to unravel.

He had created an empire with approximately £100m of property assets funded by an American Investment Bank with £100m exposure and a mixture of operating businesses (turning over approximately £30m) but were marginal in terms of profitability. These operational businesses included Poole Pottery and Seafield Logistics.

We were appointed Administrators over the Orb Group – and we implemented the following solution:

• A pre-packaged buy-out to an unconnected party of the property assets which was sanctioned by

Court and also fully supported by the American investment bank – resulting in 100% return to the

secured creditors,

• Proposing a Company Voluntary Arrangement (CVA) for the operating companies.

One of the major issues of this case was the conduct of the entrepreneur, which we believed to be criminal. Working together with other creditors from his other business interests and The Serious Fraud Office, we collectively assisted in getting the entrepreneur disqualified as a director and jailed for 12 years for fraud.

We are currently attempting to recover offshore assets for the benefits of the creditors.

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