Apex Audio Systems Limited (04290687): administration
- Status
- Administration ended
- Administration began
- 2011-07-29
- Administrators
- John Christopher Sallabank, Paul Robert Boyle
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 2001-09-20
- Location
- Reading
- Industry
- 3230
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Subsequently on 18 July 2011, a sworn Notice of Intention to Appoint an Administrator was filed at the Roya! Court of Justice Due to the fact that NWB hold a fixed and floatng charge in this matter, it was necessary to serve them with notice of the Directors intentions, which was carried out on 22 July 2011 NWB did not object to the appointment of an Administrator during the required notice period, therefore on 29 July 2011, a sworn Notice of Administrators Appointment was filed at the Royal Court of Justice, appointing us as Joint Administrators.
DISCLOSURE PURSUANT TO STATEMENTS OF INSOLVENCY PRACTICE 13 AND 16 Sale of Assets / Sale and Purchase Agreement
In the penod following our initial meeting with the Directors, Apex Audio Systems Sales Limited (AASS), a company owned and managed by ME, indicated it was interested in acquiring the business of the Company by way of a pre-packaged sale. On 22 July 2011, following discussions with AASS regarding its interest, an offer was received for the amount of £10,000 plus VAT. The offer is based on AASS making payment of 4% of its monthly turnover, for a period of 16 months, subject to a minimum monthly payment of £750 inclusive of VAT. The worst case scenarto will therefore be as follows:-
Administrators' statement of proposals (2011-08-23) · Companies House register