Balli Steel PLC (03418142): administration
- Status
- Administration ended
- Administration began
- 2013-03-20
- Administrators
- Ian Colin Wormleighton, Nicholas Guy Edwards
- Administrators' firm
- Deloitte
- Incorporated
- 1997-08-06
- Location
- Birmingham
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
The directors attribute the failure of the Companies to a decline in business in traditional markets, reduced finance facilities and the impact of a series of unsuccessful investments in non-core areas, in particular in aviation and property investment
The directors estimate that BSP, which was the principal trading entity, suffered losses of c$137m during the 13% months to 15 February 2013 (being around the date the Administration applications were made) as a result of
¢ a reduction in financing facilties and consequent trading volumes resulted in an operating loss of c $26m,
Administrators' statement of proposals (2013-05-03) · Companies House register