Noisivarec Limited (03191734): administration
- Status
- Administration ended
- Administration began
- 2020-02-19
- Administrators' firm
- Begbies Traynor
- Formerly
- Ceravision Limited; Vibelink Limited
- Incorporated
- 1996-04-29
- Location
- Salisbury
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The reasons for the Company’s insolvency
The Company was incorporated on 29 April 1996 for the purposes of developing and manufacturing patented plasma lighting products, which it did from !easehold premises at Sherbourne Drive, Tilbrook, Milton Keynes,
Given the nature of the technology being developed by the Company, its Board sought high levels of investment from its shareholders and loans from third parties to enable it to develop the intellectual property which sits behind its patented UV lighting products. Following various issues with a member of the Company's Board of Directors and a subsequent apparent breakdown in trust of the Board with the investors, two additional Directors were appointed in June 2014 to implement cost cutting exercises and subsequently reduce monthly expenditure from approximately £500,000.00 to £70,000.00 and seek investment from their investor group based in the Middle East. In spite of this and their own significant investment into the Company, delays in bringing the products to market meant that the Company was unable to meet its ongoing expenses.
Administrators' statement of proposals (2020-04-28) · Companies House register