International Computer Purchasing Ltd. (04436656): administration
- Status
- Administration ended
- Administration began
- 2017-02-06
- Administrators
- John Malcolm Titley, Julien Robert Irving
- Administrators' firm
- Leonard Curtis
- Formerly
- Hypermax Businesses Limited
- Incorporated
- 2002-05-13
- Location
- Manchester
- Industry
- 46510 Wholesale of computers, computer peripheral equipment and software
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Supply chain disruption
- Cash flow / liquidity pressure
From the administrators' statement
The most recent statutory accounts show that the Company has historically traded profitably. In tecent years turnover has however declined as a result of unforeseen supply chain restrictions which were outside of the Company's direct control.
In the past year, the Company was able to remedy its supply chain issues and turnover increased. Despite resolving its supply chain issues, the Company suffered as a result of prolonged litigation with a supplier. It was alleged that a greater than normal sales discount had been unjustly given on networking products sold by the Company. The proceedings with the supplier impacted upon the Company's business. Sales were lower than expected resulting in a build up trade liabilities.
The Company has trade creditors of approximately £1,097,109 and tax liabilities to HM Revenue & Customs ("HMRC’) in respect of PAYE/NI and VAT of £222,664. In addition, the Company also has an obligation to an unsecured loan of £150,000 which has been obtained from a connected party.
Administrators' statement of proposals (2017-04-13) · Companies House register