Colourclad Limited (02923938): administration
- Status
- Administration ended
- Administration began
- 2012-04-24
- Incorporated
- 1994-04-28
- Location
- Manchester
- Industry
- 4522
Why it went into administration
- Bad debts / customer insolvency
From the administrators' statement
The Company commenced trading in 1994 providing industrial 1oofing and cladding services, with sts main admimstiatrve centie being at Unit 4A Palatine Industital Estate, Causeway Avenue, Watnington WA4 6QQ. Generally the Company operated as a contiactor sei vicing othe: businesses m the constiuction secto,
Dung 2011 and 2012 the Company undertook work on a large contract for Barnhill Construction Limited (“Batnhill’} worth some £350,000 Baintuil entered into formal insolvency proceedings when it was placed mto Administiation on 3 April 2012 and the Company found itself having to absoib a significant bad debt In addition, the general economic slowdown of 1ecent years has meant that the Company has suffered a reduced trade
The Company made efforts to fund working capital requirements by borrowing montes from its bankeis, National Westminste: Bank Plc (“NatWest”) This however was not sufficient to enable the Company to trade profitably and the directors needed to consider its financial viability As a result the Company’s directois consulted with its accountants Bake Tilly, who im turn refered to matter to Beever and Struthers for specialist rest ucturing advice
Administrators' statement of proposals (2012-06-19) · Companies House register