Cedars Recovery Services Limited (05098858): administration
- Status
- Administration ended
- Administration began
- 2012-02-06
- Formerly
- Cedars Recovery Limited
- Incorporated
- 2004-04-08
- Location
- Croydon
- Industry
- 9305
Why it went into administration
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
The joint administrators met with the director and the company's accountant on 11 August 2011 At this stage the company was struggling through a quiet summer and had fallen into arrears with its PAYE and VAT However, it had acquired the business of a competitor and the director was confident of increased business and greatly improved profitability going forward
For these reasons it appeared that a company voluntary arrangement (“CVA”) was feasible and would provide the best return to creditors The company’s bankers were supportive of the proposed CVA and on 8 November proposals were sent to creditors The joint administrators acted as joint nominees in relation to the proposal
Vanous queries were raised by HM Revenue & Customs and these were answered by the nominees and by the company's accountant A meeting of creditors was held on 28 November at which it was anticipated that the proposal would be approved, but in the event it was adjourned seven days to allow HMRC to consider their position further At the adjourned meeting on 5 December, HMRC indicated that they would not support the CVA and it was formally resected
Administrators' statement of proposals (2012-03-21) · Companies House register