B.J. Stainless Fabrications Limited (04575377): administration
- Status
- Administration ended
- Administration began
- 2024-08-14
- Administrators' firm
- Path Business Recovery
- Incorporated
- 2002-10-28
- Location
- Manchester
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
3.1 It quickly became clear to the Director that the Company had been made Insolvent during the period that the Company was managed by the third party. However, due to their extensive experience, connections in the industry and knowledge of the business, the Director was keen to turn this around and trade out of the Insolvent position. In order to assist cash flow, the Director took out personally guaranteed loans to help settle creditors threating action against the Company.
3.2 By July 2024, despite extensive efforts from the Director to change the fortunes of the Company, it had become apparent that the Company required funding above the level available to it by its bank and neither the Company nor its shareholders were in a position to advance the necessary funding in order to settle amounts owing to HM Revenue and to trade and expense creditors.
3.3 A review of the Company’s cash-flow revealed that there would be insufficient working capital available to allow the Company to continue to trade in the medium term in order for a purchaser to be found. The financing was discussed with a
Administrators' statement of proposals (2024-09-18) · Companies House register