Smart Matrix Limited
The Company undertook research and experimental biomedical research. The work undertaken by the Company is chiefly aimed to provide assistance in wound recovery through harnessing the body’s natural healing processes and thus mitigating against the use of skin grafts.
The Company was still in its developmental phase however began to experience difficulties in 2019 when a key investor withdrew its support. The Company was unable to raise sufficient investment to enable it to manufacture and exploit products at a scale deemed to be attractive to key investors and, in addition, had not at this stage gained approval from regulatory authorities.
As a result of the above, the Company took steps to terminate a framework agreement with a key raw materials supplier who subsequently. Despite negotiations with the supplier, a settlement was unable to be 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 immediate liaised with the Board of Directors and other key stakeholders to understand the position, including a review of the Company’s 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 in order 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 Company’s known assets and also to market the Company’s intellectual property for sale, including coordinating and oversight of marketing activities and liaison with interested parties.
At the same time, the administrators liaised with key stakeholders, including creditors of the Company, to keep them as fully up to date on the progress of the administration as possible.
