Claim Care UK Limited (04193801): administration
- Status
- Administration ended
- Administration began
- 2011-11-10
- Administrators' firm
- Springfields Business Recovery & Insolvency
- Incorporated
- 2001-04-04
- Location
- Leicester
- Industry
- 6603
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Company was formed and founded in April 2001 to operate the business of undertaking building work on behalf of claims handling companies who deal with insurance claims on behalf of insurance companies. The Company operated for a small number of such clarms handling companies. Fees were due to the claims handling company from the Company for the work on which the Company was instructed.
Initially trade went well and the company made modest profits. In 2002 the company obtained an overdraft facility with National Westminster Bank Plc which was secured by a fixed and floating charge and guaranteed by the directors personally. This was obtained to assist with cash flow and to allow the Company to expand
The contracts with the claims handling companies were made in such a way that they made payment as and when they were able, in practice usually not until they received the funds from the insurance company. This led to significant cash flow problems for the Company
Administrators' statement of proposals (2012-01-04) · Companies House register