Ribica International Limited (05009061): administration
- Status
- Administration ended
- Administration began
- 2013-06-21
- Formerly
- KJH Twenty One Limited
- Incorporated
- 2004-01-07
- Location
- Sutton
- Industry
- 46342 Wholesale of wine, beer, spirits and other alcoholic beverages
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
The company was referred to Turpin Barker Armstrong by their accountant, John Smithurst of Smithurst & Ryan At that tme, John Smithurst was a Non-Executive director of the company (who subsequently resigned on 30” April 2013) The board sought our advice concerning the financial position and a first meeting between one of the directors (Jeremy Howard) and Martin Armstrong of Turpin Barker Armstrong was held on 21° February 2013 At this stage the directors were confident that the business could be sold as a going concern (and had been in discussions with a number of interested parties) In addition, the company was still able to discharge its liabilities as and when they fell due | can confirm that neither | nor any of my partners have acted for the company or a company owned, managed or controlled by its directors and/or shareholders personally prior the first meeting
The directors continued in discussions with all interested parties, many of whom were substantial creditors of the company However, the company’s financial position was not improving and negotiations had become protracted The directors acknowledged that further advice was needed and further meetings were held between Jeremy Howard, John Smithurst and Martin Armstrong on 22™ April 2013, and Jeremy Howard, Nicholas Sunnucks and Martin Armstrong on 9" May
As interest from potential purchasers was waning and the company continued to suffer from cash flow difficulties, tt was apparent that the company would not be able to discharge ongoing liabilities as they fell due and would not be viable going forward with current liablittes It was also noted that the company had been threatened with imminent winding up proceedings by one of its trade creditors
Administrators' statement of proposals (2013-07-10) · Companies House register