Headlines Corporate News Limited (04257409): administration
- Status
- Administration ended
- Administration began
- 2018-04-25
- Administrators
- Joanne K Rolls, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2001-07-23
- Location
- London
- Industry
- 58190 Other publishing activities
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
From the administrators' statement
3.1. Trevor Binyon (“TB”) first met Sandra Doherty (“SD”) on 26 February 2018 to discuss the financial position of the Company. SD had also been introduced to Tim Trotter, non-executive director of Opus, earlier in the day with a view to exploring any potential interest from suitors in the same sector who may be interested in a share sale. SD was later introduced to Barry Parsons, Head of Corporate Finance at Opus Hyde House, with a view to also identifying if a purchaser could be found to purchase the Company on an accelerated basis outside of a formal insolvency procedure. It was explained that the Directors no longer wanted to be a part of the business.
3.2 SD then requested a meeting with Ad Valorem Accountants (the Company's accountants) and Opus to discuss all of the options available to the Company. Whilst a potential purchaser had been identified in Ingenious Acquisitions Limited (“IAL”), SD wished to explore the Director’s options should the sale not complete.
3.3 TB then had a telephone conversation with SD on 9 March 2018. This telephone conversation led to a meeting with the Directors of the Company at 1 Radian Court, Mitton Keynes, MK5 8PJ on 13 March 2018. The meeting was to discuss the : Company's financial position and the restructuring options available, as the Directors H had concerns relating to the terms of a potential share sale of the business. TB : advised that the Company should consider a Pre-Pack as a way of preserving the goodwill and ongoing contracts whilst a sale of the business and assets was concluded.
Administrators' statement of proposals (2018-06-29) · Companies House register