Automa Limited (03796067): administration
- Status
- Administration ended
- Administration began
- 2017-08-21
- Administrators' firm
- Insolvency Practitioners of Aspect Pius
- Incorporated
- 1999-06-25
- Location
- Upminster
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
On 1 September 2016 the Company entered into a CVA with Paul Williams and Jason Godefroy of Duff & Pheips Limited being appointed Joint Supervisors.
The terms of the CVA proposal provided that the Company contribute £20,801 per month for five years, which would provide a return to creditors estimated at 60 pence in the £.
Whilst the Company paid the first few contributions in the CVA, by January 2017 it was struggling to maintain this level of contributions due to ongoing trading losses at the Houndsditch site. The Company breached the terms of the CVA, which meant that the Joint Supervisors would petition in Court for the winding up of the Company. On 22 June 2017 the Joint Supervisors wrote to the Directors to confirm the breach of the CVA and to advise them that they would apply for a winding up petition against the Company.
Administrators' statement of proposals (2017-12-07) · Companies House register