Our Restructuring and Advisory Division appointed as Administrators to Orla Healthcare Limited
Our Restructuring and Advisory Division appointed as Administrators to healthcare company providing a service in partnership with University Hospitals Bristol NHS Foundation Trust.
Background
Orla Healthcare was Bristol based company operating as a virtual ward caring for patients requiring admission to a virtual bed. In partnership with University Hospitals Bristol NHS Foundation Trust, they offered a high quality care service provided 24/7, 365 days a year by an experienced team of consultants, middle grade doctors, qualified nursing staff and healthcare assistants.
Rationale
The company ran into cash flow difficulties so approached a competitor to acquire the shares of the business, however the sale fell through and the directors concluded patients should be relocated and company should cease trading.
Outcomes
Our Restructuring and Advisory Division were appointed as the administrators by the directors and all the patients were successfully relocated and all staff were made redundant. The company was wound down in an orderly manner and dividents were paid to preferential creditors (employees).
