Company believed to have reached an agreement with HMRC to stop the company from being liquidated
The High Court in London has dismissed a winding-up order lodged by HMRC against Shebang Technologies Group.
Following the hearing on February 11, which had been adjourned from January, Shebang is said to have reached a deal with HMRC to prevent the company being liquidated.
Mobile News contacted the Insolvency Service following the decision, but it refused to provide details.
Shebang CEO Iain Humphrey (pictured) did not respond to calls from Mobile News about the matter.
HMRC also declined to comment on the case.
The winding-up hearing follows a turbulent 2012 for Shebang, which hit the headlines after significant staff departures and the relocation of the business to a smaller head office in Daventry in November.
Since last February, Shebang’s credit rating fell from 28/100 to 3/100, with business advisory website CreditSafe recommending that firms give it “credit at their discretion”.
At the end of 2010, the firm’s rating was 88/100 with an annual turnover of £59 million and profits topping £800,000.
Since January 2011, seven directors have left the board, leaving Humphrey in sole charge of the business and owner of half of its shares. The other half are held by former director Joseph Berry. Staff numbers also fell from 240 in 2011 to 32 in 2012.
Shebang’s Consumer Solutions arm has already been liquidated and its Logistic Solutions division has also ceased trading.
Sources close to the firm claim these two businesses owed more than £1 million in unpaid VAT when they went out of business.