Peartime Limited (03336533): administration
- Status
- Administration ended
- Administration began
- 2016-07-25
- Administrators
- James William Stares, Rupert Graham Mullins
- Administrators' firm
- Rothmans Recovery
- Incorporated
- 1997-03-19
- Location
- Salisbury
- Industry
- 55100 Hotels and similar accommodation
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
in January 2016, the directors, having acknowledged that the Company was insolvent on a cash flow basis, instructed Rothmans to assist with the preparation of a CVA proposal |, James Willam Stares, stood as nominee of the CVA The CVA proposal to unsecured creditors of the Company was filed in Court on 20 April 2016 and circulated to all known creditors of the Company for consideration thereafter Meetings of the creditors and members of the Company to vote on the terms of the CVA proposal on offer were convened for 10 May 2016 These meetings were subsequently adjourned for 14 days to allow further time for the CVA to be considered by HMRC, who had submitted a rejection of the CVA The debt due to HMRC at the date of the CVA meeting was of sufficient majority of the overall unsecured and unconnected creditor liabilities for their acceptance or rejection on voting to be the overriding opinion
Creditors will be familar with the CVA proposal and therefore the detail will not be repeated for the purposes of these administration proposals On 27 May 2016, Rothmans wrote to all known creditors of the Company advising that the adjourned meetings to consider the CVA proposal had failed to secure the requisite support by value of unsecured creditors voting in favour of the CVA Whilst the overwhelming majority of unsecured creditors in number, voted to accept the terms of the CVA, CVA’s are either accepted or rejected by creditors in accordance with votes cast in accordance with amounts due to each creditor As such, the CVA was rejected despite the backing of the vast majority of creditors who expressed an opinion
Following the rejection of the CVA proposal, it was subsequently agreed that the Company should make an application to Court for an Administration Order, in accordance with Paragraph 12 of Schedule B1 to the Act The application papers were filed in Court on 13 July 2016 The date set for the hearing of the application was 25 July 2016, when upon the application made by the directors in respect of the Company was duly considered and it was subsequently ordered by the Court that James William Stares and Rupert Graham Mullins of Rothmans be appointed joint administrators of the Company 2.2
Administrators' statement of proposals (2016-09-28) · Companies House register