Smart Matrix Limited
Smart Matrix was a experimental biomedical research company. The work undertaken by the company was chiefly aimed to provide assistance in wound recovery through harnessing the body’s natural healing processes and thus mitigating the need to use skin grafts.
However, while the company was still in its developmental phase in 2019 it began to experience difficulties when a key investor withdrew its support. The company was unable to raise sufficient additional investment to enable it to manufacture and products attractive to key investors at scale and had not gained approval from regulatory authorities.
As a result, the company took steps to terminate a framework agreement with a key raw materials supplier. Despite negotiations with the supplier, a settlement was not reached and, taking into account the company was not revenue generating and incurring significant ongoing expenditure, the Board of Directors took steps to consult with Cork Gully.
Action
Cork Gully immediately liaised with the Board of Directors and other key stakeholders to understand the position, including a review of the companies financial position and the claim position.
Following review of the information available, Cork Gully prepared and presented a briefing document to the Board of Directors for them to determine the most suitable next steps.
Outcome
Ultimately, the company was placed into administration and insolvency practitioners from Cork Gully were appointed to oversee the process.
The administrators took steps to realise the companies known assets and run a sales process to market the companies intellectual property.
At the same time, the administrators liaised with key stakeholders, including creditors of the company, to keep them fully up to date on the progress of the administration.
