Ripmax Limited (00467046): administration
- Status
- Administration ended
- Administration began
- 2023-07-12
- Administrators
- Kelly Mitchell, Richard Wragg
- Administrators' firm
- Quantuma
- Formerly
- Ripmax PLC
- Incorporated
- 1949-04-07
- Location
- Southampton
- Industry
- 46760 Wholesale of other intermediate products
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Directors advised that the Company had become insolvent due to cash flow difficulties encountered as a result of the Covid 19 pandemic. Transportation and importation costs increased significantly because of the pandemic and have only recently started to fall. This had a negative impact on cash flow and caused the Company to fall into arrears with HMRC.
This is despite the Company being previously and subsequently profitable.
Two separate reports were issued, with our assistance, to HMRC seeking a Time To Pay arrangement, one on 20 April which was rejected on 21 April, and another on 28 April which was rejected on 17 May. HMRC confirmed that in the absence of immediate payment in full they would take steps to wind-up the Company.
Administrators' statement of proposals (2023-08-10) · Companies House register