Covts (Realisations) Limited (01022107): administration
- Status
- Administration ended
- Administration began
- 2012-10-30
- Administrators' firm
- PwC
- Formerly
- Manganese Bronze Services Limited; LTI Finance Limited; Fairway Credit Limited; Modhire Limited
- Incorporated
- 1971-08-24
- Location
- Leeds
- Industry
- 64921 Credit granting by non-deposit taking finance houses and other specialist consumer credit grantors
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Group had been restructuring its UK business with the aim of improving profitability, together with working with an overseas joint venture partner to exploit the worldwide market, and in the future act as a dealer network for the joint ventures partner’s own cars
The Company traded as a going concern on the basis of support from the wider Group, which enabled it to meet its obligations as they fell due However, following a steering fault recall on approximately 400 vehicles and the suspension of MBH’s shares last month, the Group was unable to secure sufficient funding to continue to trade The Company was reliant on MBH and the wider Group, and would be subject to a significant contingent pension fund deficit habihty, as a result of administration appomtments over other Group companies Consequently, the directors placed the Company into admunnistration, along with MBH, LTI and MBPS on 30 October 2012 The Administrators were appointed over each company in the Group on the same date
Administrators' statement of proposals (2012-12-06) · Companies House register