Resources In Insurance Group PLC (03922895): administration
- Status
- Administration ended
- Administration began
- 2013-12-20
- Administrators' firm
- FRP Advisory
- Formerly
- The Claims People Group PLC
- Incorporated
- 2000-02-10
- Location
- London
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Parent or group failure
- Weather / natural events
From the administrators' statement
The Company was incorporated in 2000 with its principal activity being to provide claims management and consultancy services to the insurance profession. The Company operated from a small rented office in London but employed approximately 100 people through a subsidiary either directly or on a subcontractor basis.
The Company’s key chents included RBS, AXA, Traveller Insurance Co & Hastings Direct I understand from the Company’s management team that the cash flow problems experienced prior to the Administration materialised from a significant downturn in property claim instructions following benign weather conditions during 2011 and 2012
However, the Company had a sustained history of losses, being £1 2m in the 15 month period to 31 March 2013 and subsequently a further loss of £249k in the 8 months to November 2013 The November balance sheet showed net habilities of £907k
Administrators' statement of proposals (2014-01-17) · Companies House register