SLS (Contracts) Limited (03944713): administration
- Status
- Administration ended
- Administration began
- 2019-09-18
- Administrators' firm
- Clark Business Recovery
- Incorporated
- 2000-03-10
- Location
- Leeds
- Industry
- 46740 Wholesale of hardware, plumbing and heating equipment and supplies
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company had experienced losses from the failed employment of a Sales Director and a subsequent significant decline in trade. Furthermore, substantial delays in debtor payments were being experienced. As a result, the Company was not able to meet potential future orders and was unable to meet its liabilities as and when they fell due.
In light of the Directors being unable to personally fund any further business expenditure and their uncertainty on the Company's ability to continue to trade, they held discussions with their accountant to determine the best course of action going forward.
Following this meeting with their accountant, the Directors arranged a meeting with Dave Clark of Clark Business Recovery Limited on 1 August 2019 to discuss the Company's financial position and the steps that a reasonable director should take in these circumstances. Various subsequent discussions with the Directors took place and at a second meeting held on 18 September 2019, | would confirm that | was formally engaged by the Company.
Administrators' statement of proposals (2019-11-15) · Companies House register