The administrators who sold a once-highflying British technology start-up to the companys directors for £2m have been removed by a court following accusations they botched the sale.
The High Court case, which ended this week, has shone a light on controversial pre-pack administrations that allow companies to go bust, shed their debts and immediately be sold.
Ve Interactive, an advertising software business valued at £1.5bn in 2016, was sold for less than 1 per cent of that figure in a prepack last April by administrators at Smith & Williamson.
Former shareholders and creditors who lost money when the company collapsed last year th…
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