Curer-Chem Limited (01837716): administration
- Status
- Administration ended
- Administration began
- 2023-02-14
- Administrators' firm
- Quantuma
- Incorporated
- 1984-08-02
- Location
- Manchester
- Industry
- 47990 Other retail sale not in stores, stalls or markets
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
3.1 In June 2021, the Company’s sole shareholder, Mike Rose, sold his shares to a third party. The consideration included an amount paid on completion totalling E800k and a proportion of deferred consideration totalling £200k, payable over a two-year period in 8 quarterly instalments of £25k. The acquirers granted security to the Seller in the form of a share pledge over the shares of the Company in the event of any default by them as regards payment of the deferred consideration.
3.2 In late 2022, the acquirers had defaulted on successive quarterly installments of the deferred consideration and Mr Rose enforced the charge over the Company’s shares in order to realise value remaining in the shares at that time.
3.3
Administrators' statement of proposals (2023-04-08) · Companies House register