TROUBLED fire engine provider AssetCo admitted yesterday that its unpaid bills had caused a “substantial” creditor to present it with a winding up petition.
AssetCo, which has seen its chief executive, finance director and chairman replaced, and raised £16m in an emergency share placement this month, said it had paid the unnamed creditor in full with the new funds.
But the petition was signed by a number of its suppliers owed months of unpaid invoices including AssetCo’s long-time financial adviser Nabarro and these still need payment, sources told City A.M. yesterday.
Fired chief executive John Shannon and finance director Scott Brown are also reportedly signatories.
AssetCo said another creditor had been substituted for the first at the recent winding up hearing but its board had to ensure due process was followed to satisfy the new demands.
“The board confirms that the company is able and in a position to make this payment but the new management team is determined to ensure full process and investigation is made of any calls for payment, so the hearing has been adjourned for fuller determination,” it said.