S.S.T. Process Engineering Limited (02982634): administration
- Status
- Administration ended
- Administration began
- 2016-06-17
- Administrators
- Adrian David Allen, Steven M Law
- Administrators' firm
- RSM
- Incorporated
- 1994-10-24
- Location
- Peterborough
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Brexit
From the administrators' statement
More recently, in order to continue trading, the Company has been financially supported by the directors Unfortunately throughout 2016, with the low oll price and the threat of a potential Brexit the majority of the Company's customers, who were predominantly European and American owned, had Placed their UK procurement needs on hold Consequently orders had ail but ceased at the date of Administration
As a result the Company had cashflow issues and the directors had no further funds to invest in the business Additionally the Company had arrears due to the landlord of c£15,000 and consequently the landlord was threatening legal and enforcement action
Given this position, the directors were mindful of their fiduciary duties and obligations to creditors and sought professional advice from their accountants, Hobsons Hobsons duly introduced Adrian Allen of RSM Restructuring Advisory LLP to advise the directors as regards their responsibilities given the Company's ongoing difficulties
Administrators' statement of proposals (2016-08-19) · Companies House register