ALD Realisations Limited (03342924): administration
- Status
- Administration ended
- Administration began
- 2013-03-18
- Administrators' firm
- Deloitte
- Formerly
- Retail Motor Industry Training Limited
- Incorporated
- 1997-04-01
- Location
- Nottingham
- Industry
- 8042
From the administrators' statement
As highlighted earlier in this report, the Group had grown rapidly through a series of acquisitions. The integration of the acquired businesses into the Group had proved problematic, and a number of the divisions had continued to be run substantially as quast-standalone businesses, resulting in a lack of consistent controls and practices across the Group
During the Summer of 2007, we understand that a number of accounting and record keeping Issues emerged The issues concerned the accuracy and completeness of learner records, and consequently the level of funding claims made to the LSC, the Group's pnmary customer The Board took steps to put in place processes to cleanse the learner records and quantify amounts potentially over claimed from the LSC New management was brought into key roles within the Group The Board made an announcement to the stock exchange on 2 October 2007, and the shares in Carter & Carter Group Pic were suspended at that time
The Group then entered into a period of intensive negotiations with its bankers in an effort to agree a restructuring of the Group’s financial liabilities and to secure ongoing funding facilities At the same time, the Group instructed NM Rothschild & Sons (its financial adviser) to attempt to find a buyer or new investor for the Group as a whole
Administrators' statement of proposals (2008-05-10) · Companies House register