# NET Communities Limited (03084905)

> Why UK company 03084905 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/03084905

- **Status:** Administration ended
- **Administration began:** 2015-07-06
- **Administrators' firm:** Traverse Advisory
- **Formerly:** The Internet Software Company Limited
- **Incorporated:** 1995-07-27
- **Location:** Tunbridge Wells
- **Industry:** 62020 Information technology consultancy activities

## From the administrators' statement

In March 2015 the Company engaged the services of a specialist consultancy to assist with a business exit/acquisition strategy, and in June 2015 a detailed business sale/investment proposal was Issued to a number of carefully targeted potential acquirers of the business However, by late June 2015 the position was reached where the Company was insolvent on a balance sheet basis, In that its liabilities were greater than the value of its assets, and also on a going concern basis, in that it was not in a position to meet Its liabilities as and when they fell due

On 24 June 2015 an application for the appointment of an Administrator was made by the director, pursuant to Paragraph 22 of Schedule B1 of the Insolvency Act 1986, and on 6 July 2015 David Thorniley of Traverse Advisory was appointed Administrator Prior to an Initial meeting with the director on 28 April 2015 to discuss the Company's position and the options available in general terms Traverse Advisory had no personal relationship or dealings with the Company or its director As required by the Insolvency Code of Ethics, | considered the various threats to my objectivity and concluded that | could act objectively and hence could be appomted Administrator of the Company

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/03084905/filing-history/MzEyODE1OTQ2NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/03084905

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.