R N Mechanical Limited (03724303): administration
- Status
- Administration ended
- Administration began
- 2019-08-09
- Administrators
- David Nicholas Clark
- Administrators' firm
- Clark Business Recovery
- Formerly
- Instantcover Limited
- Incorporated
- 1999-03-02
- Location
- Leeds
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company has experienced losses on some of the projects that were completed in 2018 and experienced further financial issues following the delay in securing funding for RN Magna. The Company’s records indicated that approximately £2,100,000 was anticipated from RN Magna in respect of the drawdown for the work undertaken on the combined heat & power generation plant.
The Directors have continued to liaise with the prospective funder and anticipate the first payment of the funding to be recelved in the near future.
Despite this belief, the Company has received creditor pressure from some of its trade creditors, resulting in a winding up petition being issued. The Directors thought the funding would have been received in time to ensure a payment in full to resolve this issue but no funds have been received and as a result, the Director sought advice from the Company’s accountant.
Administrators' statement of proposals (2019-09-26) · Companies House register