From the administrators' statement

Towards the end of 2011 and early 2012, the Company expenenced liquidity issues primarily as a result of difficulties collecting overseas debts Despite making certain informal agreements with Its creditors, IMPS had also been the subject of vanous CCJs

A Winding Up Petition was presented by HMRC in November 2014 and was initially due to be heard on 16 January 2012 With HMRC’s support, the Company was able to obtain a 4 week adjournment until 27 February 2012 on the basis that a Company Voluntary Arrangement would subsequently be agreed with Creditors

As a result of the Winding Up Petition, the Company’s bank account had to be frozen and all Company payments required a Court Validation Order A Validation Order was required in order to pay employee salaries for January 2011, subject to these not causing a breach of the £825k overdraft facility

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Industrial and Marine Power Services Limited (02675226)

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