From the administrators' statement

As a result of the continued bad trading a large debt accrued to H M Revenue and Customs (“HMRC”) On 8 June 2007 HMRC presented a winding-up petition to the Court

The petition debt was in the sum of £47,819 20 One half of this sum, £23,909 06 had been paid by the Company At the initial hearing of the petition on 5 September 2007 the matter was adjourned The Company was unable to pay the remaining petition debt

The value of the Company was in the ongoing leases of the trading units and the goodwill attached By placing the Company into administration it was hoped that this value could be preserved and realised for the benefit of the Company’s creditors as a whole This value would have been lost if the Court had made a winding-up order on the HMRC petition, which would have resulted in the three bars ceasing to trade and being closed with the total loss in value of the Company’s assets

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Black Sheep Bars Limited (04136395)

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