Imagestate is scheduled to be dissolved on January 12, 2008 after a notice to move from being under Administration to Dissolution was announced on October 12.
The company was put under operational control of a Joint Administrator on June 8, 2006 after it was determined that no parties were willing to rescue the business by taking on the company's liabilities.
Among these liabilities were an approximately Â£3.6 million secured debt to the Royal Bank of Scotland. The bank is expected to receive approximately Â£901,000 against its total indebtedness. It has been confirmed that given the deficit to the Bank, there will be insufficient funds to enable any dividends to be paid to unsecured creditors.
The Administrators reached an agreement with Heritage Partners Ltd. to transfer certain Imagestate receivables for the purpose of collection. Hertitage agreed to remit 50% of all monies realized and provided for Â£500,000 to be paid in three installments. The first installment of Â£200,000 was paid on the signing of the agreement on 16 May 2006. A total amount of Â£285,000 has been transferred as a result of this effort.