HSSL Realisations Limited (03589671): administration
- Status
- Administration ended
- Administration began
- 2012-08-24
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Formerly
- Hudson Shribman Scientific Limited; WQM Hudson Shribman Limited
- Incorporated
- 1998-06-29
- Location
- Reading
- Industry
- 7450
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
Since 2009, banking and Confidential Invoice Discounting ((CID’) facilities were provided by Lloyds TSB Bank pic CLTSB’) In the period leading up to the Administration the Company was subjected to a routine audit by LTSB in relation to the CID facility and it was established during this process that it had accrued significant arrears to HM Revenue & Customs CHMRC’?) in relation to PAYE and NIC We are advised that this was considered by LTSB to be to such an extent that it was unlikely that the Company could enter into viable repayment terms with HMRC
As a result, LTSB referred an insolvency practitioner to the Directors At around the same time the Company had been in discussions with a finance broker Cashflow Express Limited (CEL) with a view to Moving its facility to another funder During late August 2012, the Company transferred its CIDS facility to PCFL However, as a result of the unmanageable HMRC arrears the ongoing viability of the Company was in Jeopardy and rendered it in breach of its facility agreement with PCFL In order to protect its position PCFL instructed Harnsons to conduct a review of the Company’s financial position on its behalf
It was concluded that the Company was insolvent within the meaning of Section 123 of the Insolvency Act 1986 in that tt was unable to pay its debts as and when they fell due The options which were considered have been disclosed in our report of 5 September 2012 and as reported previously a pre-packaged administration procedure was considered to be the most viable route in the circumstances since we had become aware of the Directors’ interest in acquiring the assets of the Company and their desire to secure the survival of the business
Administrators' statement of proposals (2012-11-02) · Companies House register