Medlink Enterprises Ltd (03389676): administration
- Status
- Administration ended
- Administration began
- 2019-03-18
- Administrators
- Gareth Prince, Mark Malone
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1997-06-20
- Location
- Birmingham
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
In early 2019, having previously sought some general advice during 2018 and having considered options, the director, Mr Costas Vanezi (“CV”) decided to seek professional advice and contacted Begbies Traynor on 9 January 2019 to discuss those options. CV was by now aware of a potentially interested party for the business and assets of the Company. CV was also aware that creditor pressure had not eased, legacy debts had not significantly reduced and there were increasing threats of legal
-3actions being taken against the Company. It was quickly decided that the best cause of action was to file a Notice of Intention to appoint administrators so that an interim moratorium could be obtained so that a short period of marketing could be commenced to urgently establish if a business and asset sale could be achieved.
As set out in greater detail at Appendix 4, we embarked upon an intensive period of work and discussions with the director to evaluate the best way forward. As part of this work we approached all significant creditors, including the secured creditor and landlord to obtain agreement from these parties to the proposed course of action, namely to widely market the business and assets for sale through appointed agents and appoint solicitors to handle any legal works, necessary to protect the Company from legal actions that may impact upon the conclusion of this work.
Administrators' statement of proposals (2019-04-05) · Companies House register