Phase Brickworks Limited (03257684): administration
- Status
- Administration ended
- Administration began
- 2014-08-11
- Administrators
- Alan John Clark
- Administrators' firm
- Leonard Curtis
- Formerly
- Springbird Limited
- Incorporated
- 1996-10-02
- Location
- Ilford
- Industry
- 43390 Other building completion and finishing
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
As the company’s name suggests it traded as a brickwork contractors and had done so since shortly after incorporation Trading was generally successful but during 2013 and 2014 the company began to experience cash flow problems. These problems were caused by the company’s own customers tasking longer to pay and querying final accounts
The cash flow probiems were further compounded when a bookkeeping error led the company to realise that it had significantly under accounted to HMRC for the company’s habilittes for PAYE/NIC and CIS tax
Other insolvency options were considered but a review of the potential cash flows going forward indicated that the company would not be able to generate sufficient income to make meaningful contributtons into a Company Voluntary Arrangement It was felt that Administration rather than liquidation would maximise asset realisations
Administrators' statement of proposals (2014-09-26) · Companies House register