Swift Alarm Supplies Limited (01387760): administration
- Status
- Administration ended
- Administration began
- 2015-10-14
- Administrators' firm
- SC Advisory Services
- Incorporated
- 1978-09-08
- Location
- Derby
- Industry
- 80200 Security systems service activities
Why it went into administration
- Parent or group failure
From the administrators' statement
As referred to in the director’s background to the Company, Dean Nelson, a Licenced Insolvency Practitioner of Smith Cooper, was contacted by the investors and owners of SAGL, who were seeking advice regardmg the financial position of the Company and options available This was in hght of the duress being applied by trade and expense creditors in respect of outstanding arrears
In consideration of the sale of the national customer contracts to SPY and the expected reduction in the agreed sales price of the regional contracts to Swift F&S, 1t was apparent that the Company was insolvent on both a balance sheet and cash flow basis, as indicated by the duress being applied by its creditors
In view of the potential threat of creditors petitioning for a Winding-up Order agaist the Company, notice of intention to appointment an Administrator was duly filed in The High Court of Justice, Chancery Division, Birmmgham District Registry, Birmingham on 12 October 2015, affording the Company the protection of a moratonum
Administrators' statement of proposals (2015-11-26) · Companies House register