Administrator appointed over General Capital subsidiaries

07/02/2010

 

Grant Thornton UK LLP is to act as Administrator over General Capital Finance Ltd, and General Capital Venture Finance Ltd. Tarun Mistry,Head of Leasing & Asset Finance advisory services at Grant Thornton, confirmed the appointment when asked by LeasingWorld. Grant Thornton has one of the largest restructuring & insolvency practices in the UK with almost 700 staff throughout the country. 

General Capital has been one of the unfortunate casualties of the AIM market, after buying the successful Norton Folgate brokerage, forays into commercial property and venture capital investments suffered in the credit crisis, when assets had to be written down. The difficult economic conditions led to them selling Norton Folgate for a fraction of what it cost them to buy it, and to delisting from the market.

 

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