S.Z. Gears Limited (01249262): administration
- Status
- Administration ended
- Administration began
- 2015-04-27
- Administrators' firm
- Leonard Curtis
- Incorporated
- 1976-03-16
- Location
- Bristol
- Industry
- 71129 Other engineering activities
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated on 16 March 1976 and traded from South Wales as a gear manufacturer
After a number of years of trading which were mostly profitable, the Company was incurring losses and faced working capital pressures in the current financial year Although some business costs were reduced, significant cashflow pressures arose which were unable to be resolved by the programme of cost reduction Arrears built up, particularly amounts due to HMRC in respect of VAT and PAYE/NIC These Crown arrears were initially made subject to a time to pay agreement with HMRC but, although the Company was at first able to honour the agreed programme of debt reduction, most recently it has not and the directors have not been in a position to agree a revised repayment programme
The Company became subject to severe pressure from its creditors in the form of the threat of winding up proceedings In view of this the directors took the decision to seek professional advice as to the Company's financial position and the options available
Administrators' statement of proposals (2015-06-18) · Companies House register