Huboo Technologies Limited (now Hub Realisations Limited Company number 09727464) went bankrupt and its assets were sold for £9 through a pre-pack administration deal. The sale of assets for £9 raised questions about whether it represented a legitimate business deal or a debt elimination scheme to establish a new business entity.
What Was Included in the £9 Sale?
Intellectual Property and Goodwill (£1 each)
The Huboo brand name and business reputation were valued at almost nothing.
Stock, IT Equipment, and Customer Contracts (£1 each)
The entire operational setup was transferred for a symbolic price.
Shares in Holdco NL (£1)
Huboo’s European assets were included in the deal for just £1.
What Was Left Out of the Sale?
Millions in unpaid debts (creditors received nothing).
Unpaid tax liabilities of £2.1 million owed to HMRC.
Claims from suppliers and former customers who lost money.
Why the £9 Sale Is Controversial
Huboo Tech Limited Benefits While Creditors Lose
The new company operates without debt burden while suppliers remain unpaid.
Could Huboo Have Been Sold for More?
Some creditors believe that a different sale approach could have generated additional financial recovery.
Is This Just a Loophole to Restart Under a New Name?
The same branding, similar leadership, and same business model raise ethical concerns.
Conclusion
Huboo’s £9 sale eliminated its financial responsibilities to continue operating the business. The £9 sale presented a strategic business opportunity or did it provide an unjust benefit to creditors?
