Irwin Mitchell Provides Legal Advice On Deal
The Restructuring and Insolvency team at law firm Irwin Mitchell has provided legal advice to Mazars on the sale of Supremia International Limited.
Mazars, the international accounting and advisory firm, announced that ADM Group has secured a deal to purchase the shares of Supremia International Inc. and Supremia Russia LLC (“the Subsidiaries”), the US and Russian wholly owned subsidiaries of Supremia International Limited (“the Company”). The purchase was completed on 29 June 2020.
Supremia International Limited, based in the UK, has ceased operations after it was unable to find a buyer as a going concern. The Joint Administrators, Adam Harris, Patrick Lannagan and Michael Pallott of Mazars, alongside Mark Reynolds of Valentine & Co, continue to sell the assets of the Company.
Andrew Walker and Amy Keogh from Irwin Mitchell’s Restructuring and Insolvency team provided legal advice to Mazars.
By working closely with the Company’s management, the Joint Administrators can confirm the Subsidiaries will continue to trade with all USA and Russian customers. All on-going orders have been fulfilled and all secured and preferential creditors will be paid in full, with a dividend to be paid to unsecured creditors in the UK.
Founded in 1981, the Supremia brand is a global sales promotion agency which was purchased by the Gemaco Group in July 2018. The global sales promotion agency was placed into Administration after facing the insolvency of the Company’s parent, Supremia NV, the impact of the COVID-19 pandemic, and resignations of its appointed directors.
Adam Harris, Joint Administrator, said “We are pleased to announce a purchaser for this global brand and to conclude the process in a short timeframe to ensure its survival and ongoing stability. Having contacted the respective management teams, suppliers and the loyal customer base, we are happy to announce we have fulfilled all on-going orders and saved a number of jobs in the USA and Russia. Importantly, all secured and preferential creditors will be paid in full and a dividend will be paid to unsecured creditors in the UK.
We are incredibly thankful to the Company’s management, employees and the senior teams of the subsidiaries for the support and assistance that they gave us during this very difficult time”