Only a couple of months ago computer system reseller Memory Computer Systems was split into two separate companies in an attempt to engineer an aborted management buyout of the Irish end of the operation by two directors, (CI No 1,321), and the Dublin-based Memory Plc went into receivership on Tuesday when its creditors called time on the proceedings. Financial difficulties arising from the buyout are thought to be the cause. Summers and Associates of Dublin – appointed as receivers by ABM Bank, Dublin, one of the creditors – is anxious to sell the company as quickly as possible, and negotiations are already underway to sell the firm either as a going concern or by splitting up Memory’s 10 Irish subsidiaries and disposing of them separately. Up for sale signs will be posted in the press today. None of this affects the UK Memory Computer Systems in Potters Bar, Hertfordshire, or its concerns in Northern Ireland.
