Portland Autos(Sheffield)Limited (00688831): administration
- Status
- Administration ended
- Administration began
- 2015-10-09
- Administrators
- Michael Chamberlain
- Administrators' firm
- Risk Capital Partners
- Incorporated
- 1961-04-05
- Location
- Selby
- Industry
- 74990 Non-trading company
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated on 5 April 1961 The company traded as a car dealer until 2003 after which it was dormant until 2008 when it received a VAT refund of £384,018 due to new case law being established which changed the VAT treatment of certam transactions within that industry
The Company’s director is John Andrew Turner (“the director”) who owns 100% of the share capital
In December 2008 and January 2009 the Company part utilised the proceeds of the VAT refund to loan approximately £134,000 to New Chester Incorporated (“NCI”) a corporation based in Panama The director has stated that he did not have a directorship in NCI and that no formal loan agreement was put in place NCI used the money to buy bearer certificates for shareholdings m Saphirglas Corp and Zusatz Corp which are understood to be corporations set up to hold land It was originally anticipated that the land in Panama would be sold within 18 months, 1e by July 2010 However, the director advised that agents acting for the Company were unable to achieve a sale of the land within those tmescales following the adverse :mpact on the Central American property market caused by the global financial crisis
Administrators' statement of proposals (2015-12-17) · Companies House register