The U.S. operations of the Albany Group, whose U.K. operations were suspended last month, may soon be sold, according to an accounting firm overseeing the liquidation of the U.K. company. "We're certainly in negotiations at the moment," said John Alexander, a partner at Carter Backer Winter LLP, a London-based accounting firm. "We're hoping we may reach an agreement this week in the USA."
Carter Backer Winter was named joint administrators to Albany in February. They are liquidating the U.K. parent company, Albany Holdings Ltd.
Alexander didn't say who was in negotiations to buy the U.S. operations of Albany, which remain a going concern.
A sale of Albany's Asia-Pacific operations may be completed by this week, he said.
Albany serves as a managed services provider, providing payrolling services and independent contractor compliance services.
According to a press release from Carter Backer Winter, Albany's U.K. operations faced cash-flow difficulties with some clients not paying their bills, and that, in turn, led to some contractors in the U.K. not being paid.
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