Leaco Limited (00580389): administration
- Status
- Administration ended
- Administration began
- 2013-05-14
- Administrators
- Daniel James Mark Smith, William Kenneth Dawson
- Administrators' firm
- Deloitte
- Formerly
- Texpak Limited; Stromberg-Greest Limited
- Incorporated
- 1957-03-21
- Location
- Manchester
- Industry
- 46499 Wholesale of household goods (other than musical instruments) n.e.c
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
Prior to the appointment of the Administrators, Deloitte were assisting management and the Bank in identifying options to address the Company's financial difficulties, however owing to the limited financial information available we were not able to produce a report
Our work tdentified that the Group was not generating sufficient cash to service its debt obligations, and consequently the Directors and the Bank agreed that in order to avoid insolvency a sale of all or part of the Wigan premise was required to reduce the debt burden
Whilst attempting to achteve this the Company was unable to meet HMRC payments as they fell due and had agreed a time to pay arrangement with HMRC in respect of these debts The Company failed to meet its agreed payments to HMRC tn February, March, and April, therefore in May 2013 a 7 day letter was issued to the Company tn order to settle the outstanding balance of £117,701 under the arrangement At this point the Directors formed the view that in order to protect the interests of all creditors, and to avoid the threat of a winding up petition, the filing of a Nol and the subsequent appointment of the Administrators to the Company was the most appropriate course of action
Administrators' statement of proposals (2013-07-17) · Companies House register