Wilkinson Maintenance Limited (04241072): administration
- Status
- Administration ended
- Administration began
- 2016-06-22
- Administrators' firm
- Mazars
- Incorporated
- 2001-06-26
- Location
- Leeds
- Industry
- 41201 Construction of commercial buildings
Why it went into administration
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Management failings / irregularities
From the administrators' statement
The Company began to experience financial problems when it experienced a fraud by a member of staff that was only discovered after its accounting year end in the sum of £140,000 Due to problems with the sector the Company had also experienced bad debts and decreasing margins which was severely impacting on its working capital The directors recognised the problems within the sector and had commenced an overhead reduction programme in order to restructure the business and reduce its outgoings Unfortunately, the level of the restructure was under estimated and to complete the process would have required a further significant injection of cash, not only to cover the costs but to address the creditor arrears
In light of the Company’s deteriorating financial position, the Company’s accountant, Chaudry Francis & Co requested a meeting with Mazars LLP on 18 Apmil 2016
Following the meeting with the Company’s accountant, I was then introduced to the Company on 21 Apni 2016 and was asked to provide very general insolvency advice to the directors on their options
Administrators' statement of proposals (2016-07-06) · Companies House register