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The company leased computers systems using complex 'Flexlease' agreements, which allowed a lessee to update to a new lease after a three years or to cancel the lease after five years. These terms made
Atlantic vulnerable to large liabilities incurred if invoked which were often not covered by the
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and headed by Eben
Hamilton QC and James Alexander Scott, an accountant. It found that Atlantic had never made a profit from its founding in 1975. After the report's release, three former directors of Atlantic (David Austin McCormick, Nicholas Scott and Sien Yen Cheng Kai On) faced
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As many of your
Lordships will have read in the press, 10 years later the creditors have just about been paid the money that they had lost following the settlement of litigation involving various financial
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regarding the administration process when a company is unable to pay its debts, resulting from
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and by the time of its collapse, had more than £550m in debt. While its
American arm filed for
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firm, set up in 1975, that collapsed in 1990. Its fall also brought down its parent company
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Major
Companies of Europe 1990/91: Volume 2 Major Companies of the United Kingdom
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417:"Law Report: 10 February 1998; Policy on compelled evidence upheld on appeal"
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R. M. Whiteside; A. Wilson; S. Blackburn; S. E. Hörnig; C. P. Wilson (2012).
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A report into the failure of
British and Commonwealth was set up by the
169:"M&S's FTSE 100 check-out leaves just 27 of the original companies"
78:. McCormick later appealed his disqualification but it was upheld.
123:- a 1998 case regarding the collapse of Atlantic's parent company
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on 18 April. The group employed around 1,400 people at the time.
337:"In re ATLANTIC COMPUTER SYSTEMS, INC., et al., Debtors"
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Hamilton, Stewart; Croudace, Verity (8 December 2003).
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Companies that filed for
Chapter 11 bankruptcy in 1990
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During acquisition talks, Atlantic misrepresented its
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on 5 July 1990, the
British firm had been placed in
250:"M&S exit reflects shifting sands of FTSE 100"
121:Soden v British and Commonwealth Holdings plc
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111:Re Atlantic Computer Systems plc (No 1)
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415:O'Hanlon, Kate (10 February 1998).
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486:1990 disestablishments in England
248:Elder, Bryce (7 September 2019).
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281:"Atlantic Computers: DTI report"
277:Department of Trade and Industry
167:Haill, Oliver (27 August 2019).
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63:Department of Trade and Industry
308:Willcock, John (22 July 1994).
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39:value of the equipment itself.
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285:Thomson Reuters Practical Law
21:Atlantic Computer Systems plc
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365:[1990] EWCA Civ 20
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48:Chapter 11 bankruptcy
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