Liverare Limited (02381042): administration
- Status
- Administration ended
- Administration began
- 2017-11-29
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 1989-05-08
- Location
- Newcastle upon Tyne
- Industry
- 45111 Sale of new cars and light motor vehicles
Why it went into administration
- Regulatory change or action
- Creditor pressure / legal action
From the administrators' statement
The company had traded successfully for many years as a car retailer, lately from premises at GMD Fiat, Finchale Road, Durham, DH1 5RW.
In September 2017 the Directors were advised by the company accountants that the anticipated losses from the termination of a previous franchise agreement were larger than anticipated.
In the two year period from October 2015 to October 2017 monies due from car sales took longer to be received than anticipated and this put pressure on cash-flow. During this period funds in the sum of £572,385 were introduced by the Directors and CMS Properties (N E) Ltd, a company with similar Directors. Included in the £572,385 was an amount of £60,000 introduced in September/October 2017.
Administrators' statement of proposals (2018-02-05) · Companies House register