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On Wednesday the 26th of February 2004, i-Kore Limited went into Voluntary Liquidation.
The company for the last 6 months had been looking for extra investment to help develop its successful plastics program, and it was looking very likely that a deal would have been concluded at the end of November last year.
However, during the due diligence process in December, it was discovered by the auditors that there were some serious discrepancies on our Accounts Receivable ledger. After further investigations, it became clear that the Sales Director had been involved in serious malpractice. Further issues regarding the Sales Director came to light early this year that are currently under investigation by the receiver. As a direct result of this, the investment could not go ahead.
In light of the funds not being available to continue the development of the business, it was decided by the Board of Directors to Voluntarily Liquidate the company.
It is the intention of some members of the i-Kore team to attempt to purchase the assets of the company, and to continue to develop the Void 1.1 and Celtos brands.