Begbies Traynor has written to creditors explaining that, if creditors and shareholders approve, Andrew Hook and Julie Anne Palmer will be appointed as joint liquidators at the shuttered Sidcup firm.
Creditors could also decide to use a different insolvency practitioner. The decision date is 30 May.
The Begbies letter, seen by Printweek, states that the firm was first approached by the Hastings brothers on 26 February “for advice regarding the company’s financial position”.
On 10 March Begbies Traynor was instructed to assist in placing the company into administration, and a notice of intention to appoint administrators was filed.
“However, the proposed administration did not proceed as it was established that various assets at the company’s premises were owned by other entities so the purpose of the administration would not have been satisfied,” Hook stated.
Reflections creditors and former employees – 40 were made redundant – have been left in abeyance during the intervening weeks.
Some of the Reflections equipment was sold in an auction that concluded in April.
On 1 May the directors formally instructed Begbies Traynor to assist in placing the business into creditors’ voluntary liquidation.
Costs of £32,618 so far have been paid by Reflections.
Begbies said that the directors were in the process of preparing a statement of affairs and report on the company’s financial position.
In a statement, Hook told Printweek: “A date has now been set for the proposed liquidation, subject to shareholder and creditor approval. As part of a liquidation process, we will work with stakeholders to achieve the best possible outcome.
“Reflections has been running for more than a decade, employing a number of people across the region and serving a wide range of clients. This is a loss to the region and the industry. We hope that the talented people who have lost jobs as a result of the challenges this company has faced will soon find new roles in the many companies that are thriving in this industry and the region.”
The Hastings brothers have a number of other business interests, including Wren Packaging in Southend-on-Sea, which is being rebranded as Renaissance Packaging.
