ADD Precision Limited (03064884): administration
- Status
- Administration ended
- Administration began
- 2018-10-30
- Administrators
- Robert Christopher Keyes, David Ronald Taylor
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 1995-06-06
- Location
- Reading
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1 On 2 October 2018 management met with David Taylor of KRE Corporate Recovery LLP in order to discuss the financial position of the Company and specifically the disputed claim received from the former landlord and the subsequent statutory demand.
3.2 David Taylor introduced management to a property solicitor who advised that he believed that the claim was capable of challenge however the associated cost in mounting were prohibabtive. Consequently as the business was profitable and the pipeline of work was strong, it was decided that the business and assets would be marketed for sale through an insolvency procedure.
3.3 A notice of intention to appoint an Administrator was therefore filed in High Court on 9 October 2018. This notice of intention also provided the Company with protection from legal action whilst the marketing process was undertaken. KRE Corporate Recovery LLP were instructed to begin the marketing on 14 October 2018, the details of which, along with details of the eventual sale of the business can be found in my Statement of Insolvency Practice 16 report at Attachment B.
Administrators' statement of proposals (2018-11-21) · Companies House register