Cabbola Limited (02200740): administration
- Status
- Administration ended
- Administration began
- 2011-10-26
- Formerly
- Chariotdrive Limited
- Incorporated
- 1987-11-30
- Location
- London
- Industry
- 4525
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 30 November 1987 as ChariotDrive Limited and commenced trading shortly thereafter The Company was set up to design commercial kitchens and restaurants, provide consultancy, and supply catering equipment | understand that the Company has been moderately successful for the majority of its trading existence
| first met with one of the directors of the Company, Mr Nigel Adams on 14 September 2011 At this time the Company was insolvent within the meaning of Section 123 Insolvency Act 1986, In that the Company could not pay its liabilities as and when they fell due This was evidenced by the fact that three County Court Judgements (“CCJ”) had been registered against the Company and a fourth was pending There was therefore a real threat of winding up petitions being issued by at least one of the three creditors who had obtained judgments
At this meeting, consideration was given to whether a CVA could be implemented as a procedure to rescue the Company as a going concern However, to enable a proposal for a CVA to be drafted and considered by creditors, the Company would have needed to continue to trade under the control of the Joint Administrators This was not possible as the Company was loss making and had no access to funding to continue to trade In addition, Nigel Adams had indicated that whilst he was interested in seeing the business move forward, he had no appetite to continue to lead the business The remaining director, Mr Robert Duncan resides in the United States and had stated that he had little or no interest in continuing with the business As such, there was clearly no appetite for a CVA, and consequently a CVA was not considered a viable option
Administrators' statement of proposals (2011-11-30) · Companies House register