Sil-Die Limited (01792720): administration
- Status
- Administration ended
- Administration began
- 2018-09-10
- Administrators' firm
- Antony Batty
- Formerly
- Sildie Limited; Driveahead Limited
- Incorporated
- 1984-02-17
- Location
- London
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company was founded in 1984 to design and produces innovative silicon dies for the print finishing and packaging industry. In February 2011, after trading successfully for many years, the Company’s factory premises at The Old Brewery, Maldon, Essex were completely destroyed in a fire. The premises were owned personally by the shareholders. The Company’s insurers and the police declared that the building was unsafe and it was necessary to demolish the building. Part of the property had been bought by the shareholders in 2009 and the sale contract included a provision for an overage payment to be made by by the shareholders in the event that the premises were developed. The property vendor declared that the demolition constituted a development of the site and initiated a legal action to recover the overage balance. The shareholders lost the court case and the property was quickly sold under the terms of a court order. The secured lender, associated selling costs and the overage balance were settled. However the sale also resulted in a personal capital gains tax liability on the shareholders.
Since the sale of The Oid Brewery Site, the business was relocated to Europa Business Park, Croft Way, Eastways, Witham, Essex and the Company, after considerable effort by the directors was restored to a profitable position.
The Company also entered into an Employee Based Trust (“EBT”) for the directors to help meet the cash flow demands of the business at the time of the fire. The Company and directors have since been issued Accelerated Payment Notices from H M Revenue & Customs on the outstanding liability.
Administrators' statement of proposals (2018-11-05) · Companies House register