Mac's Plasterboard Systems Limited (03284563): administration
- Status
- Administration ended
- Administration began
- 2018-09-05
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1996-11-27
- Location
- Salisbury
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
Mac's Plasterboard Systems Limited (“the Company’) was established in November 1996.
The Company primarily works in the construction sector, providing dry lining installation into residential new build properties; with numerous top tier builders contracting the Company for these works. The works are completed by the Company's experienced team of sub-contractor tradesmen and supporting staff who number around 100 in total.
The Company was profitable for many years until experiencing two significant bad debts with one customer entering insolvency and another using that and the Company's cash flow difficulties at the time to try and avoid payment. The Company lost a large amount (roughly just over £500,000 in total). As a result this consequently caused cash flow issues, leading to an inability to get the best market tates from suppliers. The higher cost of supplies subsequently reduced the profit position.
Administrators' statement of proposals (2018-10-04) · Companies House register