ABH Realisations Limited (00943023): administration
- Status
- Administration ended
- Administration began
- 2013-05-03
- Administrators
- Dominic Lee Zoong Wong, Christopher James Farrington, Paul James Meadows
- Administrators' firm
- Deloitte
- Formerly
- Abacus Holdings Limited
- Incorporated
- 1968-11-25
- Location
- Birmingham
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
Deloitte was first engaged by ABH and the Bank on 21 February 2012 to undertake an independent business review This work was performed by the Restructuring Services team of Deloitte (“Delo:tte RS”)
Following thts work, the Group continued to underperform against its forecast due to the delay on the commencement of several large projects Due to the continuing uncertainty surrounding the Group, the funder to the Russian subsidiary, HSBC Russia, notified the Group that it would not renew its $900k banking facilities when they expired on 31 August 2012 AB Russia was unable to arrange new debt facilities or afford to repay these facilites in full There was therefore a real risk that HSBC Russia would call on the guarantee provided by ABH
Deloitte RS were engaged on 15 June 2012 to review the Group's recent trading performance and forecast short term cash forecast and provide an overview of available options
Administrators' statement of proposals (2013-06-20) · Companies House register