Kenilworth Vehicle Rental Limited (01399436): administration
- Status
- Administration ended
- Administration began
- 2011-07-08
- Administrators
- Matthew Douglas Hardy, Martin T Coyne
- Administrators' firm
- Quantuma
- Incorporated
- 1978-11-13
- Location
- Birmingham
- Industry
- 5010
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
1 was asked by the Company's accountants to meet with Mr Gregory, Director of the Company, on 15 September 2010 At this meeting the position of the Company was discussed and in particular the position in respect of the major creditor, HM Revenue and Customs ("HMRC’) It was clear that the Company had been experiencing financial problems from the onset of the recession, like most businesses In particular the Company's daily hire business had reduced as this had become a particular area of cost-cutting for customers in the recession
it was evident that the Company was experiencing cash flow pressure which was reflected in a rellance on the overdraft facility provided by its bank and an accumulation of debt due to HMRC
On behalf of the Company | wrote to HMRC to ask for time to prepare financial information in order to institute a payment plan in respect of the mounting liabilities Following a further discussion with the Director it became clear that he had received interest from an independent third party with a view to the sale of the business {t was the Director's opinion that this interest should be pursued
Administrators' statement of proposals (2011-09-02) · Companies House register