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Defunct ISP E7even Finally Wound-Up

Posted: 29th Apr, 2007 By: MarkJ
It's emerged that the long since closed ISP E7even, which caused its broadband customers huge problems for several months during early 2006, has finally been given its "Winding-Up Orders" by the UK's High Court Of Justice.

The orders were formally issued on 4th April 2007 and effectively bring to a close one of the most controversial ISP businesses in recent memory, second only to this years 'Biscit Internet' trauma. But what does it mean for those still awaiting a refund? The following is a helpful definition from 'The Insolvency Service':

Compulsory winding-up is a legal process by which a liquidator is appointed by order of the Court to 'wind up' the affairs of a limited company. At the end of the process the company ceases to exist. Winding up does not mean that the creditors of the company will necessarily get paid. The purpose of winding up a company is to ensure that all the company's affairs have been dealt with properly.

This involves:

* ensuring all company contracts (including employee contracts) are completed, transferred or otherwise brought to an end;
* ceasing the company's business;
* settling any legal disputes;
* selling any assets;
* collecting in money owed to the company; and
* distributing any funds to creditors and returning share capital to the shareholders (any surplus after repayment of all debts and share capital can be distributed to shareholders).

When these things have been done the liquidator applies to have the company removed from the register at Companies House and dissolved, which means it ceases to exist.

Should anybody seeking information wish to re-play some of last years dire events then a quick search of our active news does the job - HERE. Suffice to say, there are several pages worth of items charting E7even's many problems, not least the memorable controversy over its management team.

Still, E7even's collapse did bring one benefit; it helped to fuel a debate in Ofcom over broadband ADSL migrations. This, when coupled to the failure of several other ISP's and most notably Biscit, brought about a better set of migration code rules for everybody.

Thanks to one of our readers (Mel) for spotting the news we missed and posting in our forum about it (here).
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