Liquidated medical

The director of a collapsed medical technology firm with a £17m deficiency plans to continue running a related business under the same name.

Isansys Lifecare Limited, which was based at Baptist House on Broadway in Didcot, entered creditors' voluntary liquidation on June 5, 2025 with an estimated deficiency of more than £17 million.

A notice published in The Gazette confirms that former director David Dorricott intends to remain involved with a business trading as Isansys Lifecare via Isle of Man-based ZipAddress Limited.

Under insolvency rules, directors may use a similar company name in certain circumstances if proper notice is given.

This allows Mr Dorricott to continue operating under the name without risking a criminal offence or personal liability for the former company's debts.

The move comes as liquidators published their first annual statement of receipts and payments.

Financial troubles at the company were apparent before its collapse.

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Accounts for the year ending December 31, 2023, listed fixed assets of just over £2 million and current assets of around £400,000, but net liabilities of nearly £11.2 million.

By May 2025, the company's statement of affairs estimated a total deficiency of £17.38 million to creditors and members.

Companies House records show that ZipAddress Limited was the largest creditor, owed approximately £15.6 million and holding fixed and floating charges over Isansys's assets.

The Isle of Man firm later submitted a claim for £16.34 million.

Liquidators have so far recovered more than £25,000 through the sale of stock, the collection of book debts, insurance refunds, and funds held in company accounts.

However, efforts to realise value from intellectual property, research and development assets, and investments in India and Germany are ongoing.

The report states that the value of those assets is currently uncertain because discussions relating to a potential sale remain commercially sensitive.

Investigations into the conduct of the company's directors are also underway.

The liquidators confirmed that a report has been submitted to the Department for Business and Trade under the Company Directors Disqualification Act, although its contents remain confidential.

No payments have yet been made to ZipAddress Limited.

Any updates will be provided to all creditors in due course.