Andy Dean - Fotolia
Entatech today announced the settlement of its long-running battle with the liquidators of Changtel.
The distributor also formerly announced a change in ownership, with the company now the sole property of Stevinson Capital.
“I can confirm that today the liquidators of Changtel Solutions UK Limited have formally agreed a full and final settlement of all and any actions, claims, counterclaims, rights, demands and set offs that it had against Entatech UK Ltd,” said Entatech’s MD, Dave Stevinson, in a statement.
He continued, “Over the past few months we have endured a lengthy, challenging and complex deal involving multiple firms of lawyers, yet we truly believe the settlements eradicates all uncertainty and has the vital components of affordability and flexibility, enabling Entatech to go forwards with purpose and confidence. It has been a privilege to collaborate and interact with the high calibre of individuals engaged on this deal.”
Formerly part of Enta UK, Changtel was sent into liquidation following a long and bitter court case with HM Revenue & Customs (HMRC) over unpaid VAT.
HMRC contended that Changtel had falsified a small number of ‘extraordinary high value export transactions’ each month, reducing VAT liability. Former owner, Jason Tsai, lost at the Court of Appeal and then took the case to Supreme Court, but it was quickly kicked out.
Changtel’s liquidator then made a claim in relation to assets acquired by Entatech prior to the disposal of Changtel. Had any such claim been successful, it would have left the distributor significantly weakened.
As well as settling the claim with the liquidator, Stevinson has essentially taken full ownership of Entatech, by proxy of his freshly incorporated parent company - Stevinson Capital.
Stevinson concluded, “Personally I am very relieved, having dedicated a year of my life to this project. It has been a fantastic learning experience, almost like completing a second MBA. As you can imagine, I am highly motivated to start working back in the business and executing our future vision for Entatech.”