Chappell & DIX Limited (02508247): administration
- Status
- Administration ended
- Administration began
- 2024-03-01
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1990-06-04
- Location
- Bath
- Industry
- 41202 Construction of domestic buildings
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
In August 2023, the Company sought financial advice as a result of not being able to pay their VAT bill as it fell due. Begbies Traynor (Central) LLP provided high level financial advice. The Company had ongoing contracts in progress and significant tenders and prospects of future profitable work and secured a time-to-pay (“TTP”) arrangement with HM Revenue and Customs (“HMRC”). The Company also secured further funding from HSBC at this time.
The Company had a busy period up until the start of 2024 with several profitable projects either in progress or completed, as a result, the VAT liability for the quarter to December 2023, which was due in February, was significant and the Company could not afford to pay the sum in full and on time which was a condition of the TTP arrangement. As a result, the Company sought further financial advice from Begbies Traynor (Central) LLP in February 2024.
We were engaged by the Company on 12 February 2024 to place it into administration whilst in tandem appointing agents to undertake an accelerated marketing campaign, the purpose of this campaign was to seek a purchaser for the business which would have likely resulted in a better result for creditors and potentially saved 46 jobs. We also spoke to HSBC to outline our proposal for the Administration and maximising realisations from contracts/work in progress.
Administrators' statement of proposals (2024-04-15) · Companies House register