Imagini Holdings Limited
The company was incorporated as a holding company for the Imagini group of companies, comprising of the main trading entity, Imagini Europe Limited (“IEL”), and its subsidiaries in the USA and Europe. The company's main assets of value were its shares in IEL and the intellectual property rights that are utilised in the business conducted by IEL.
IEL carried on the business known as “VisualDNA” which was a technology business that developed digital profiling technology to help businesses to understand their customers. IEL’s core business focused on visual testing and psychometric assessments that provide businesses with detailed insights about their customers. There were three revenue generating divisions. The marketing services division selling data to advertising agencies to enable more accurate online advertising, the credit and risk division provides credit scoring to banks and lenders for people who are otherwise unknown to credit rating agencies and the consumer profiling division provides profiling services to large business that wanted to better understand their customers.
The group had been funded by the majority shareholder with £22,196,601 being lent for this purpose. Funding continued to be provided until the shareholder, based in Russia was hit by financial difficulties.
Cork Gully LLP were engaged by the company to prepare a contingency plan on the assumption that no further funding would be forthcoming. In addition, Cork Gully LLP was engaged to provide ad hoc advice to the board. When it subsequently became apparent that further funding was not available Cork Gully LLP provided advice as to the remaining options which summarised that the company was insolvent and needed to be placed into administration.
Our officeholders completed a pre-packaged sale of the company’s business and assets to immediately upon their appointment.