From the administrators' statement

Prior to the appointment of the Joint Administrators, the Companies had been experiencing cashflow pressures due to trading underperformance. The Directors, mindful of their duties, sought the professional advice of Kroll regarding their options.

Kroll was initially engaged on 27 September 2023 to provide advice in connection with the ongoing solvency of the Companies and also the wider group. This included assisting the Directors with discussions with key stakeholders and advice regarding ongoing trading. On 12 October 2023, this engagement was extended further to provide cash flow monitoring and to launch and manage an AMA process for the wider group’s shares and/or business.

Further detail on the events leading up to the insolvency of the Companies is provided below.

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Gwynedd Shipping Limited (01848682)

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