Parquet House Limited (03262078): administration
- Status
- Administration ended
- Administration began
- 2023-04-25
- Administrators' firm
- Begbies Traynor
- Formerly
- Ashwood Products Limited
- Incorporated
- 1996-10-11
- Location
- London
- Industry
- 46499 Wholesale of household goods (other than musical instruments) n.e.c
Why it went into administration
- Management failings / irregularities
From the administrators' statement
This Report should be read in conjunction with our SIP 16 Statement, attached herewith as Appendix 4. The SIP16 Statement provided creditors with a comprehensive account of the circumstances giving rise to the Company being placed into administration and the matters that were considered for pursuing a pre-packaged administration sale of the business and assets of the Company.
As referred to in the SIP 16 Statement, one of the main causes of the Company’s financial predicament was the alledged fraudulent foss of company funds, in excess of £1 milion, inthe US venture. At the time of writing the SIP 16 Statement, it was envisaged that there would be a substantial recovery against the perpetrators of the fraud. At this current time, we have still not been provided with the paperwork to be able to carry out a
-3detailed review of this proposed ciaim. Realisations from this source should, therefore, be considered as uncertain. The uncertainty of any realisation has an impact on the sufficiency of realisable assets to enable the pursuit of Objective 3{b) of Schedule 81 to the Act. Accordingly, as Administrators, we are following the pursuit of Objective 3(c) of Schedule 81 te the Act, which is as set out at section 3 above.
Administrators' statement of proposals (2023-06-15) · Companies House register