Imagestate Scheduled for Dissolution

Posted on 10/24/2007 by Jim Pickerell | Printable Version | Comments (4)

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 £3.6 million secured debt to the Royal Bank of Scotland. The bank is expected to receive approximately £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 £500,000 to be paid in three installments. The first installment of £200,000 was paid on the signing of the agreement on 16 May 2006. A total amount of £285,000 has been transferred as a result of this effort.


Copyright © 2007 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-251-0720, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of www.selling-stock.com, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to: http://www.jimpickerell.com/Curriculum-Vitae.aspx.  

Comments

  • Mark Hunt Posted Oct 25, 2007
    Can we (photographers) get our images back????

  • Gerard Fritz Posted Oct 25, 2007
    I doubt it. When Uniphoto (Washington, DC) failed many years ago, we were told that the image files were part of the assets of the company and belonged to the
    creditor(s).

  • Bug Sutton Posted Oct 25, 2007
    Re: Gerard Fritz's comment about Photographers' images held in Uniphoto files being "an asset" of the company.

    Was this judgment based on legal grounds or was it simply Uniphoto's easy answer to its photographers?

  • Gerard Fritz Posted Oct 25, 2007
    I seem to remember (this was 15+ years ago) we got some legal papers in the mail stating that the images were tied up in court proceedings with creditors. The court wanted to make sure the only assets of any worth did not disappear until after the court case was resolved.

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