Barton Partner Limited (03039587): administration
- Status
- Administration ended
- Administration began
- 2012-11-21
- Administrators
- Anne Clare O'Keefe, Fraser James Gray, Alastair Paul Beveridge
- Administrators' firm
- AlixPartners
- Formerly
- Sinord 83 Limited
- Incorporated
- 1995-03-29
- Location
- Manchester
- Industry
- 50200 Sea and coastal freight water transport
Why it went into administration
- Supply chain disruption
- Loss of a key customer, supplier or contract
From the administrators' statement
21 Botany is the parent company of BTL, BSCL and BPL and undertook the administrative functions of the Compames. BTL, BSCL and BPL provided freight services by chartering vessels owned by third parties
2.2 BTL and BSCL held 15 year bare-boat charter/financial leases in respect of vessels ‘M.V Botany Tribute’ (Tribute) and ‘M.V Botany Troubadour’ (Troubadour), each of which had eight years remaining. BPL had entered into a three month time-charter agreement in respect of the vessel ‘M.V Ece Nur K’ (Ece Nur K).
2.3 As a result of the adverse economic climate in the shipping industry, the Companies found themselves in a negative working capital position whereby the businesses became cash consuming. Accordingly, amounts received in advance for freight services were being applied against the costs of previous journeys In November 2012, the Companies were advised by their major customer that 1t would be terminating its relationship with the business and using an alternative freight carner. Accordingly, 1t became apparent that there would not be sufficient revenue to settle the Companies’ outstanding liabilities as and when they fetl due Steps were immediately taken by the director to cease any activities that would result in additional credit being taken on that could not be repaid, and sought the appointment of administrators over the Campanies.
Administrators' statement of proposals (2013-01-18) · Companies House register