Jighand Limited (01323359): administration
- Status
- Administration ended
- Administration began
- 2016-10-24
- Administrators
- Danny Dartnaill, William Matthew Humphries Tait
- Administrators' firm
- BDO
- Incorporated
- 1977-07-28
- Location
- Liverpool
- Industry
- 46770 Wholesale of waste and scrap
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 28 July 1977 by William Connolley and traded as a metal recycler from a leasehold site situated in Silvertown, London, E16 2RZ.
In 2013, the Company came under increasing financial pressure as a result of the misuse of the invoice finance facility which ted to the collapse in the accounting system and the withdrawal of all credit facilities.
This, combined with declining revenues following the collapse of the Chinese market, placed considerable pressure on the Company’s cash flow. On 23 August 2016 the Company received a demand letter from HM Revenue & Customs (“HMRC”) requesting settlement of all outstanding tax liabilities totalling £487k. A second and final request was sent to the Company on 13 September 2016 demanding payment in fult within seven days failing which HMRC would file a petition to commence winding up proceedings and place the Company into Liquidation.
Administrators' statement of proposals (2016-11-24) · Companies House register