# Watercare International Ltd (04899646)

> Why UK company 04899646 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04899646

- **Status:** Administration ended
- **Administration began:** 2020-01-28
- **Administrators:** Benjamin John Wiles, Geoffrey Wayne Bouchier
- **Administrators' firm:** Kroll
- **Incorporated:** 2003-09-15
- **Location:** London
- **Industry:** 71121 Engineering design activities for industrial process and production

## Why it went into administration

- Funding withdrawn / unable to refinance
- Competition / price pressure
- Cash flow / liquidity pressure

## From the administrators' statement

The Directors made several attempts to refinance the business in the six months prior to the appointment and the Company underwent a restructuring in December 2019 with Watercare Holdings becoming the sole shareholder and RCH 9 the majority shareholder of Watercare Holdings.

Following this, the Company’s invoice discounting facility provided by Exworks was terminated. The facility was terminated due to alleged misconduct, which. coupled with insufficient book debt assets to repay the facility meant that the Company was balance sheet insolvent. Following the freezing of any further drawdowns from the invoice discounting facility, the Company was unable to pay its debts as and when they fell due and was also insolvent on a cash flow basis.

Appointment

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04899646/filing-history/MzI2MTAzNDYyNWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04899646

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.