# Covt (Realisations) Limited (00382553)

> Why UK company 00382553 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/00382553

- **Status:** Administration ended
- **Administration began:** 2012-10-30
- **Administrators' firm:** PwC
- **Formerly:** LTI Limited; Carbodies Limited
- **Incorporated:** 1943-09-04
- **Location:** Leeds
- **Industry:** 29100 Manufacture of motor vehicles

## Why it went into administration

- Supply chain disruption
- Funding withdrawn / unable to refinance
- Sustained trading losses

## From the administrators' statement

The Group had been restructuring its UK business with the aim of improving profitability, together with working with Geely to exploit the overseas market, and in the future act as a dealer network for Geely’s own cars

Aculmination of several issues led to the Companies being placed into administration, including ongoing losses, supply chain issues, warranty costs and the discovery of accounting errors Most recently in October 2012, the discovery of a steering fault resulted 1n the recall of around 400 vehicles and a voluntary suspension of sales which had an immediate and detrimental impact on the Companies’ cash flows. MBH’s shares were suspended whilst the Group sought to secure sufficient funding to continue to trade

The Directors were unable to secure sufficient funding to continue to trade and consequently the directors placed the Companies (together with MBPSL and MBSL) into administration on 30 October 2012

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/00382553/filing-history/MzA2ODkxNDIyMGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/00382553

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.