Full Bore Industries Limited (03597121): administration
- Status
- Administration ended
- Administration began
- 2013-08-30
- Administrators
- Simon Matthew Gwinnutt
- Administrators' firm
- Greenfield Recovery
- Incorporated
- 1998-07-13
- Location
- Clarke Street
- Industry
- 43330 Floor and wall covering
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company operated as a construction sub-contractor It traded successfully for a number of years and (despite incurring a significant trading loss in the year to 31 July 2012) had shareholders’ reserves of some £241,000 as at 31 July 2012
However, the trading losses continued into the subsequent trading period and by Easter 2013, the Company had a time-to-pay arrangement in place with HMRC
By the summer of 2013, tt had become apparent that the Company might not survive unless It generated immediate profitable work; and due to a shortage of cash it could not meet its HMRC time-to-pay commitment By late summer, several trade creditors had threatened or had commenced recovery action. The Directors collected what cash was available as far as possible from debtors and the Company made a number of employees redundant on 16 August 2013.
Administrators' statement of proposals (2013-10-24) · Companies House register