Zurich forces Bridgeport into administration
Bridgeport Advisers and Asset Managers has been placed in voluntary administration after its major creditor and shareholder, Zurich Financial Services, invoked a contractual clause that allows the group to be sold.
It is understood Zurich, which owns 55 per cent of Bridgeport, is disappointed with its return on capital despite a relative upturn for the advice and investment group this year.
Zurich has a fixed and floating charge over Bridgeport’s assets and on October 19, appointed liquidation firm Jirsch Sutherland.
Liquidator Sule Arnautovic said he has 28 days to put a package together to take to the market, although this could be extended. He is aiming to have the package ready before the 28 day period, which will hopefully allow Bridgeport to be sold off as a single business.
AUTHOR
Craig Phillips
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