THAMES Valley accountants James Cowper have been formally appointed as liquidators to Kensington-based online firm Auction Atrium.

Following a series of meetings of the shareholders and creditors on February 22, they are now seeking a buyer for its website and auction bidding platform.

Proceeds from the sale will benefit the firm's creditors who include consignors to sales Auction Atrium held in November, December and January.

Additional money is owed to other parties, including the firm's financial backer, whose loans to the company make him Auction Atrium's largest creditor.

Peter Whalley of James Cowper said: "This is a sad case of a visionary business idea which has simply run out of money. As liquidators, our first priority will be to seek a buyer for the company's state-of-the-art on-line auction capabilities. Indications are that there are a number of potential bidders for this and we are confident that a buyer will be found."

Anyone interested in the opportunity to acquire the web capability should contact Tom Russell at James Cowper on 023 8022 1222.