Liquidators called in as Epoch's options narrow

The future of pioneering legal IT company Epoch remains up in the air after joint liquidators were appointed to explore alternatives to a management buy-out.The company, which created the Desktop Lawyer service, held a voluntary creditors' meeting last week after it failed to receive second-round funding from institutional investors (see [2001] Gazette, 31 August, 1).A liquidation committee and joint liquidators - licensed insolvency practitioner David Rubin and Tony Supperstone of accountants BDO Stoy Hayward - were appointed and given a week to explore what steps to take.Mr Rubin said: 'It is important to get the best deal for the creditors and if that is the management buy-out option then so be it.

However, we will be exploring other avenues and trying to get better offers.' He said three options remained for Epoch, run by the Cohen brothers, one of whom, Richard, is a solicitor.

'We can either sell the whole business, sell bits of the business to different parties or go ahead with the management buy-out,' he said.Two potential buyers have held discussions with the company in the past week, but Mr Rubin said they were not interested 'owing to the current climate'.

A final decision is expected this week.

Nobody at Epoch was available to comment.Andrew Towler