Growth Engineering Limited (05051892): administration
- Status
- Administration ended
- Administration began
- 2023-03-30
- Administrators
- Jeremy Nigel Ian Woodside, Sean Bucknall
- Administrators' firm
- Quantuma
- Formerly
- Acer Navitas Limited
- Incorporated
- 2004-02-23
- Location
- Manchester
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
3.1. Quantuma were first approached by the Company on 15 February 2023 following an introduction from Jonathan Cooper of The Director's Help Line.
3.2. The Company initially engaged Quantuma to complete a review detailing the options available in light of its current financial position. This included looking at both solvent and insolvent options.
3.3 It quickly became apparent that the level of working capital required to alleviate the Company’s cash constraints could not be found (either from additional funding or by way of equity provided by its shareholders). Therefore, without the availability of additional capital, it was considered that the Company was insolvent pursuant S.123 of the Insolvency Act 1986 in so far as “the Company cannot pay its debts as they fall
Administrators' statement of proposals (2023-04-19) · Companies House register