Gateway Auctions was contacted by a company director who had been forced to place his business into an insolvency process after he was met with financial difficulties. Gateway then got in touch with the insolvency practitioner and formed a competitive deal to buy all assets of the business for a price that was 25% more than any other bidder.

This was necessary as the majority of the assets were subject to a lease purchase agreement, meaning the business would not be able to secure the equity in the finance agreement once entering into insolvency. The assets were removed from the business premises to our auction site and included within one of our contractor’s plant auctions.