Devpro 123 Limited (00674732): administration
- Status
- Administration ended
- Administration began
- 2013-02-25
- Administrators' firm
- Kroll
- Formerly
- Devonia Products Limited; A.W.Eyre Limited
- Incorporated
- 1960-11-10
- Location
- London
- Industry
- 15110 Tanning and dressing of leather; dressing and dyeing of fur
Why it went into administration
- Cash flow / liquidity pressure
- Parent or group failure
From the administrators' statement
The Group operated banking facilities with the Secured Creditors These facilities were secured by debentures in favour of the Secured Creditors which conferred fixed and floating charges aver the Group’s assets
These facilities included a cross guarantee given by the Company to the Secured Creditors in respect of monies advanced to the Group as a whole At the time of the sale to the Purchaser, ACL had filed a Notice of Intention to Appoint Administrators, which caused a default in the Group's banking facilities and triggered the cross guarantee Benjamin Wiles, Geoffrey Bouchier and David Whitehouse were named the proposed Joint Administrators Both ACL and ACHL were subsequently placed into Administration on 5 March 2013
Duff & Phelps were engaged by ACL on 4 February 2013 and following a review of ACL’s financial position and the Group structure, it was considered appropriate for a separate review to be undertaken in relation to the Company The directors formally engaged Duff and Phelps on 19 February 2013
Administrators' statement of proposals (2013-04-25) · Companies House register