GDC Engineering Limited (03444544): administration
- Status
- Administration ended
- Administration began
- 2022-03-15
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Formerly
- PFW Aerospace Engineering Limited; GCT Engineering Services Limited; Nevbright (72) Limited
- Incorporated
- 1997-10-03
- Location
- London
- Industry
- 74100 specialised design activities
Why it went into administration
- COVID-19
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
• Since the onset of the COVID-19 pandemic in 2020, there were reduced opportunities available to the Company as a result of the declining instructions from airlines. With drastically reduced flights, airlines were not investing in maintenance or modification work.
• Assuch, the Company was in need of investment. In April 2021 its US-based parent company, GDC Technics, entered Chapter 11 proceedings, which involved reorganising GDC Technics’ debts, assets and business affairs.
• Asaresult of the downturn in trade caused by COVID-19, the Company required GDC Technics’ support to remain viable. However, as a result of GDC Technics’ restructure, no additional funding was forthcoming for the Company and the Company was facing financial difficulty and increased creditor pressure.
Administrators' statement of proposals (2022-05-03) · Companies House register