Rimara Ltd (04621207): administration
- Status
- Administration ended
- Administration began
- 2013-06-06
- Administrators
- Richard Paul James Goodwin, Roderick Graham Butcher
- Administrators' firm
- Butcher Woods
- Formerly
- Stein Atkinson Stordy Group Limited; Thermvac Limited
- Incorporated
- 2002-12-18
- Location
- Birmingham
- Industry
- 28990 Manufacture of other special-purpose machinery n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
Rimara Limited was incorporated in 2002 The company provided administration services such as accounting to its associated companies namely Rimara Thermal Limited Intercompany guarantees between these companies were provided to Allied Irish Bank (GB) tn support of facilities provided by the bank to Rimara Thermal Limtted
Rimara Thermal's business was the design of capital plant for the international steel industry and enjoyed a healthy business prior to the banking crisis in 2008 Due to the massive downturn in the capital goods market coupled with the downturn in steel production, Rimara Thermal's business collapsed Rimara Thermal entered Creditors Voluntary Liquidation in 2010 while Rimara Limited carried on the obligations of ongoing consortium contracts with a net contract recovery of £1,235,229
Rimara Limited re-hired core staff from Rimara Thermal tn order to continue the contracts and re-build the business going forward The activity continued successfully and the prospects of full contract recovery looked good for 2011 However a heavily disputed bank bond was paid against the company’s instructions by Allied Irish Bank (GB) to one of Rimara Thermal's consortium partners The disputed bond was paid out on the 11" of November 2010 causing damage to Rimara Limited's ability to continue tts business
Administrators' statement of proposals (2013-08-01) · Companies House register