Bright QA Systems Ltd. (02938649): administration
- Status
- Administration ended
- Administration began
- 2024-08-20
- Administrators' firm
- Quantuma
- Incorporated
- 1994-06-14
- Location
- Southampton
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
3.1 Following the Company's dealings with Balfour, its financial difficulties became exacerbated when some substantial contracts were deferred to November 2024. Again, in anticipation of these contracts, the Company had geared itself by way of resource, stock and manufactured goods.
3.2. As a result of this situation, the Company concluded it was unable to pay its debts as and when they fall due in July 2024.
3.3. On 24 June 2024, the Company sought advice from Quantuma on an Advisory basis to review the Company’s cashflow forecast and to advise on the options available. Quantuma introduced the Company to a broker with a view to injecting funds into the Company so that the Company could potentially trade through this period. In addition, the Director independently had discussions with another company in a similar market who expressed an interest in acquiring the Company.
Administrators' statement of proposals (2024-10-15) · Companies House register