Insul-Eight Limited (03504560): administration
- Status
- Administration ended
- Administration began
- 2012-05-04
- Administrators' firm
- Begbies Traynor
- Formerly
- First Trace Heating Direct (Holdings) Limited
- Incorporated
- 1998-02-05
- Location
- Preston
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Credit insurance / supplier credit withdrawn
From the administrators' statement
Insu-eight Limited (‘the Company’), formerly First Trace Heating Direct (Holdings) Limited, was tncorporated on 05 February 1998 Darren Hartley and Daniel Heap joined the Company in 2004 and 2005, respectively and were appointed as Directors The business provided industnal thermal insulation and asbestos removal services across the North West of England The Company operated from leased premises in Ashton-underLyne, Lancashire and employed 4 staff
The business enjoyed stable growth over the years and made substantial profits which saw a turnover of £3mullion at its peak However, in 2011 the business was hit with a number of bad debts, with a further substantial bad debt in the first quarter of 2012 As the cash flow position continued to worsen, the Company's bank, The Royal Bank of Scotland plc (‘the Bank”) contacted the Directors in March 2012 and requested that a significant cash injection needed to be made before the end of the month, when the overdraft facility was due to be renewed
The Directors immediately contacted their accountants Moore and Smalley LLP (“M&S”) and a meeting was organised with Begbies Traynor (Central) LLP to discuss the Company's financial position on 22 March 2011 The Company was facing severe creditor pressure and it was determined that the Company was insolvent in terms of its ability to meet its ongoing labilities as and when they fell due The various insolvency routes were considered by the Directors however, it was clear the most viable route would be through an Administration of the Company
Administrators' statement of proposals (2012-06-28) · Companies House register