Tascot Templeton – the carpet manufacturer from Devonport had been put into bankruptcy, but the company administrator says that it is not very late and the business can be sold to a suitable buyer.
A creditors meeting was organized in which the decision was taken to close down the company and sell off its properties.
The company owes around 80 companies a debt of $5 million but most of the companies are not likely to be paid back.
Though it is a great task to find a suitable buyer, who can buy the company and run it but it is not impossible, according to the administrator.
Fibre2fashion News Desk-India
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