Msaada Limited (04432988): administration
- Status
- Administration ended
- Administration began
- 2011-12-19
- Administrators
- Richard James Philpott, Mark Jeremy Orton
- Administrators' firm
- KPMG
- Incorporated
- 2002-05-08
- Location
- Leicester
- Industry
- 8531
Why it went into administration
- Funding withdrawn / unable to refinance
- Parent or group failure
- Competition / price pressure
From the administrators' statement
The Partnership and Companies form part of a group of entities that the Bank holds security over (“The Group”) On appointment, the Bank was owed approximately £9 4 million across the Group The Partnership and the Companies had been unable to meet their debt and interest repayment obligations to the Bank for approximately 18 months prior to the appointments
As a result of not being able to service their debt, the Partnership’s and the Companies’ borrowing facilities were restricted, and banking facilities were subsequently transferred to other bank accounts held by entities outside of the Bank’s security, by the Partners/Directors
In July 2010, KPMG were initially engaged by the Bank to assist them in contingency planning, including understanding current trading/financial performance, future strategy and the review of a Partnership Voluntary Arrangement (“PVA”) proposal that had been put forward in respect of the Partnership Although the Bank did not approve the proposed PVA, in September 2010, Gary Petit and Alan Redvers of Marshman Price were appointed Joint Supervisors of the PVA
Administrators' statement of proposals (2012-02-09) · Companies House register