CIC Limited (02463674): administration
- Status
- Administration ended
- Administration began
- 2013-06-25
- Administrators
- Michael Stephen Elliot Solomons, Andrew James Pear
- Administrators' firm
- BM Advisory
- Formerly
- Profitjoint Limited
- Incorporated
- 1990-01-26
- Location
- London
- Industry
- 43330 Floor and wall covering
Why it went into administration
- Loss-making contracts / project overruns
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 26 January 1990 and traded from teasehold premises at Westminster House, 35 Pensbury Place, Wandsworth Road, London, SW8 4TR The two shareholders are Yahya Minjan and Yousef Minan, holding 3,000 ordinary shares each Yahya Miran is also the sole director of the Company and Yousef Minan 1s a former director.
The Company has always operated in the construction industry, predominantly as marble and granite contractors In June 2008, the Company entered into a contract with Mivan Limited for the supply and installation of stone and associated works. A dispute arose from an alleged termination of employment and adjudication was entered into
An adjudication decision dated 27 April 2012 provided for retentions of £187,647 to be paid to the Company once It has achieved Practical Completion and/or Partial Possession. However, despite the adjudication decision, a statutory demand was issued against the Company and unt! the Company achieves Practical Completion and/or Partial Possession it does not have the funds to settle the demand Accordingly, the director had no choice but to seek professional advice
Administrators' statement of proposals (2013-08-22) · Companies House register