# Industrial and Marine Power Services Limited (02675226)

> Why UK company 02675226 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/02675226

- **Status:** Administration ended
- **Administration began:** 2012-02-24
- **Administrators' firm:** Deloitte
- **Incorporated:** 1992-01-06
- **Location:** Leeds
- **Industry:** 2911

## Why it went into administration

- Creditor pressure / legal action
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure

## 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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/02675226/filing-history/MzA1NTc3NTcxOWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/02675226

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.