Northgate Garage (Canterbury) Limited (00936615): administration
- Status
- Administration ended
- Administration began
- 2020-05-04
- Administrators' firm
- Insolvency Practitioners of Crowe U. K.
- Incorporated
- 1968-08-02
- Location
- Tunbridge Wells
- Industry
- 45111 Sale of new cars and light motor vehicles
Why it went into administration
- Regulatory change or action
- COVID-19
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
. As stated above, with significant overheads being incurred and the UK being placed into lockdown, the Company was in a position where it did not have sufficient cash to keep trading without increasing _ the level of liabilities incurred. ; j
The Board of Directors (“the Board”) approached, sought insolvency advice and contacted Crowe directly. A meeting was held between the Board, its accountants and Crowe to advise the Company in respect of its financial affairs. At that meeting the cash flow difficulties facing the Company were discussed. :
Crowe was informed that the Board were considering the options available to the Company, in light of the Covid 19 pandemic and the cash flow issues. Accordingly, the Board had concluded that the business was not sustainable.
Administrators' statement of proposals (2020-07-06) · Companies House register