Though handheld hardware creator Gizmondo had hoped to make one last bargain with Begbies Traynor and David Rubin & Partners, the liquidation firms hired to deal with Gizmondo Europe's remaining assets, the firms have begun to take the steps that the company assumed they would when
the liquidators were hired in early February, announcing that they are to hold a meeting with creditors following the subsidiary's collapse earlier this month.
According to an official liquidator statement, David Rubin and Asher Miller from David Rubin and Partners are responsible for liaising with the creditors and for realizing the value of Gizmondo's assets, while Paul Davis and Tim Dolder, liquidators at Begbies Traynor, will be conducting an investigation into the causes of the company's collapse and extent of the losses.
The seeds of the company's demise were sown in October 2005, when
key Gizmondo executives resigned, due to financial controversies plaguing the company. Some of the company's executives were revealed to hold criminal ties, and there were hints of further behind the scenes trouble, with poor accompanying financial results souring investors on the firm.
Gizmondo's remaining creditors with an interest in the company's assets have been asked to contact Asher Miller at
David Rubin & Partners, the firm which is chiefly handling the distribution of what remains of the company.
