AIR Parts Limited (02376435): administration
- Status
- Administration ended
- Administration began
- 2017-11-30
- Administrators' firm
- Insolvency Practitioners of CVR Global
- Incorporated
- 1989-04-26
- Location
- Hove
- Industry
- 46190 Agents involved in the sale of a variety of goods
Why it went into administration
- Bad debts / customer insolvency
- Sustained trading losses
From the administrators' statement
3.1 As detailed above, the Company was acquired in October 2012 by Imeggable which was incorporated as a special purpose vehicle for the transaction. As part of the acquisition, deferred consideration was payable to the previous owners by Imeggable, however, on 2 August 2017 Imeggable was placed into Administration as it was unable to meet the deferred consideration demands.
3.2 The financial performance of the business showed a negative trend and it had been loss making for some time. The Company operated an invoicing factoring facility with Close Brothers however the poor financial performance led to Close Brothers approaching CVR Global LLP (“CVR Global”) for assistance on 6 November 2017.
3.3 CVR Global were instructed by Close Brothers to undertake a cashflow forecasting exercise for a 3 month period to fully understand the ongoing viability of the Company and any possible implications to them surrounding the non-payment of the deferred consideration by Imeggable.
Administrators' statement of proposals (2018-01-27) · Companies House register