Somer Leyton Oils Limited (04567634): administration
- Status
- Administration ended
- Administration began
- 2011-12-06
- Administrators
- David Richard Thorniley
- Administrators' firm
- Traverse Advisory
- Incorporated
- 2002-10-18
- Location
- Southfleet
- Industry
- 5151
From the administrators' statement
Due to the impact of the recession and the loss of its biggest customer in May 2011, the directors reviewed Company's overheads and structure It was decided to sell the Company's Lowestoft depot to a third party which was a major creditor in relation to the Lowestoft operation The intention was to sell the depot and transfer the associated debts, staff and overheads The sale process proceeded well and the third party was allowed to take over the Lowestoft depot on licence at the end of June 2011 However, the sale collapsed in November 2011
The collapse of the sale of the Lowestoft division rendered the Company insolvent In the light of the Company's insolvency, the options available to the Company were discussed Any interruption of supply to the Company's principal customers would have immediately jeopardised the relationship with the principal customers on which the business was dependent Therefore the sale of the business through a pre-packaged sale was considered
On 23 November 2011 an application for the appointment of an Administrator was made by the directors, pursuant to Paragraph 22 of Schedule B1 of the Insolvency Act 1986, and on 6 December 2011 | was appointed Administrator
Administrators' statement of proposals (2012-01-12) · Companies House register