UK - Provisional liquidator appointed for glass recycling companies

MAGNA GROUP PLC
MAGNA ENGINEERING LIMITED
MAGNA RECYCLINIG LIMITED
MAGNA TOUGHENED GLASS LIMITED

The Secretary of State for Business, Enterprise and Regulatory Reform has presented petitions in the High Court to wind up the above companies in the public interest. And, on 11 February 2009, the Official Receiver was appointed provisional liquidator of all four companies.

The role of the provisional liquidator is to protect assets in the possession or under the control of the company pending the determination of the petition. The provisional liquidator also has the power to investigate the affairs of the company insofar as it is necessary to protect the assets including any third party or trust monies or assets in the possession of or under the control of the company.

The companies headed by Magna Group plc, recycled glass waste material, primarily operating from a site at Common Lane, Burn, near Selby, North Yorkshire.

The petitions to wind up the companies were presented following an investigation carried out by Companies Investigation Branch under section 447 of the Companies Act 1985 (as amended).

The case is now subject to High Court action and no further information will be made available until the hearing in the High Court of the adjourned petitions on 1 April 2009.

The petitions were presented under Section 124A of the Insolvency Act 1986.