Oldco VSF Limited (01269564): administration
- Status
- Administration ended
- Administration began
- 2018-03-12
- Administrators' firm
- Insolvency Practitioners of Aspect Pius
- Formerly
- VIN Sullivan Foods Limited; VIN Sullivan (Abergavenny) Limited
- Incorporated
- 1976-07-20
- Location
- Hoddesdon
- Industry
- 46320 Wholesale of meat and meat products
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
Aspect Pius Limited were initially introduced to Paul Llewellyn, the Director, via a mutual contact. Aspect Plus Limited were instructed by the Board on 6 February 2018 to complete an Options Review, to consider the options available to the Company in view of its cash flow difficulties and insolvency. This report looked at the Company's background and its current position, and the non-formal and forma! insolvency options
available to it. Whilst a fee was agreed for this work, Aspect Plus Limited has not been paid and has therefore written this off.
After considering the options, it was agreed that if a pre-packaged sale of the business and assets via an Administration could be achieved this was likely to maximise realisations for the benefit of the creditors. Accordingly, on 14 February 2018, Aspect Plus Limited were instructed to assist with the sale of the business and assets and the appointment of Joint Administrators. Formal letters of engagement were signed on 19 February 2018.
Administrators' statement of proposals (2018-04-17) · Companies House register