Tweed Enterprises Ltd (04317943): administration
- Status
- Administration ended
- Administration began
- 2017-01-23
- Administrators
- Gordon Smythe Goldie, Andrew D Haslam
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2001-11-06
- Location
- Gosforth
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Loss of a key customer, supplier or contract
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
Prior to the commencement of the Administration Tait Walker acted as advisors to the Board as a whole acting on behalf of the Company. No advice was given to the individual directors regarding the impact of the insolvency of the Company on their personal financial affairs Whilst not formally in office at that time, Tait Walker was still required to act in its dealings with the Company in accordance with the Insolvency Code of Ethics.
On Thursday 19 January 2017, Andrew David Haslam was contacted by the Company’s advisors to discuss the financial position of the Company. The directors had sought third party support and advice in relation to the Company’s financial position, and this advice had indicated that the Company was in fact insolvent. It was apparent that the director had introduced significant sums of money into the Company to support ongoing trade however the director was unable to maintain this financial support and it was apparent from cash flow projections that the Company would be unable to meet ongoing tax payments and wages due at the end of January. In addition, there was some creditor pressure and the directors were not able to identify additional contracts that would have provided additional profits.
Discussions had commenced with the Company’s main customer regarding the challenges facing the Company and issues such as ongoing trade, payment of the outstanding debt and payment for further work completed were explored.
Administrators' statement of proposals (2017-03-27) · Companies House register