The meeting is due to be held at the EWS head offices in Leicestershire on May 20, once Premier Network Group shareholders have passed a resolution to wind up the company.

This news further compounds figures from The Insolvency Service reveal that there were 1,579 compulsory liquidations, which increased 43.6 per cent from 1,100 year on year, and 3,362 creditors voluntary liquidations which soared 62.5 per cent from 2,068 in the first quarter of last year.

A Liquidation committee may also be formed made up of between three and five creditors to monitor the progress of the company liquidation.

Voting rights will be attributed according to the sums creditors are owed.

Appointed representatives that are not part of limited companies who are owed commission by PNG can vote if they are attend the meeting and bring a statement of their claim, or nominate somebody else to attend on their behalf.

Peter Sargent, President of R3, the insolvency trade body explains: “A Company Voluntary Liquidation is the insolvency mechanism by which company directors voluntarily wind up their own company. In good times it is generally used for companies which are no longer viable, for example due to advancing technology; or companies working on projects which have naturally come to an end. However, we believe that in this case there have been numerous company directors who have come into the New Year, looked at the gloomy economic outlook, and decided the best option is just to call it a day.”

A report from the service also shows there were 1,783 other corporate insolvencies in the first quarter of 2009 comprising 316 receiverships, 1,311 administrations and 156 company voluntary arrangements.

The manufacturing industry makes up a large number of all insolvencies and has seen a rise of 23 per cent in the last quarter. Other large increases have been seen in construction, which has seen a 50 per cent increase in administrations (158 compared with 104). Restaurant insolvencies have gone down by nearly a third (33 down to 26), giving credibility to the theory that aggressive promotions are buoying the industry.

If you are worried about your Company and would like to talk to one of our Corporate Recovery specialists in confidence please call our free phone number 0800 316 1612.

KPMG has been appointed to supervise the administration of edeus mortgage creators and edeus creators. The business which has its headquarters in Wolverhampton employs 26 people. All customers who are currently on the edeus mortgage book will be unaffected by this announcement and their loans will continue to be serviced as normal.

Talking to Money Marketing, Bolton says: “Today is a sad day. But what we have achieved in a short time confirmed the ability of that group of people to deliver what they said they would. We took the whole intermediary proposition on to another plain with the likes of GMAC and HBOS trying to catch up with us.

“We are clearly a victim like many of our peers of this credit crunch. We have survived 14 months and have been doing a good job for a number of our business partners in the interim otherwise we would have not have got funded this far. We have endeavoured to honour the asset that was left over last August. We did manage to get some trades away which carried on paying the bills.”

He adds: “I am not discounting, as part of a consortium buying back the business, and I have told the administrator, I am interested in buying back the business. There is a chance we may be coming back in the next few weeks.”

Putting a Company into administration can offer the Company the the much need space and time to restructure and arrange a business recovery plan without putting the Company into Liquidation.