Michael Hayes Net Worth

Michael Hayes biography

Michael Hayes is Non-Executive Director of the Company. He is not currently a director of any other company but has, in the past five years, been a director of Virttrade Developments Limited, Mercia Fund Management (Nominees) Limited, NDreams Limited, Virtrade Limited and Hayes Associates Consulting Limited. Mr Hayes was appointed to the boards of each of Aframe Media Services Limited ("AMSL") and Aframe Media Group Limited ("AMGL"), its holding company, in February 2013, to represent AMGL's principal institutional investor. The group operated as a software as a service provider of a cloud platform for video collaboration. AMGL raised significant funding from equity investors and secured debt mainly from its principal institutional investor. Following an extensive but, ultimately, unsuccessful attempt to sell the business, administrators were appointed to both AMSL and AMGL on 28 April 2016 and, on the same day, the business was sold, following a valuation of its assets by a third party valuer, to a purchasing company in which the institutional investor held a minority equity stake. The secured creditors were consulted and were fully supportive of the sale. Approximately £99,086 was realised in the administration of AMSL. The creditors of AMSL were owed approximately £14.6m, of which £14.3m was owed to AMGL. In January 2018, the unsecured creditors of AMSL received a dividend of 0.67pence in the £. Approximately £96,865 was realised in the administration of AMGL all of which was used to meet the costs of the administration and to partially satisfy the claims of the institutional investor mentioned above. The secured creditors of AMGL were left with a shortfall of approximately £5.3m, but AMGL had no preferential or unsecured creditors.