SJK Products Limited (05105865): administration
- Status
- Administration ended
- Administration began
- 2013-07-08
- Administrators
- Ranjit Bajjon, Malcolm Peter Fillmore
- Administrators' firm
- Kroll
- Incorporated
- 2004-04-19
- Location
- Crawley
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was set up in 2004 as a joint venture between Mr Sarayjeet Khebbal and Mr Timothy Jones, both of whom had engineering backgrounds The Company initially commenced trading over the internet in 2005 The basis of the business was to develop and exploit the “Onedrywash” cleaning product (“the Product”) which is essentially a waterless cleaning fluid used within the aerospace industry and which had been developed and marketed by the Company for use on motor vehicles and caravans
Mr Khebbal and his family put substantial funds into setting up the Company’s business and developing the Product Funds were aiso put in by Mr Jones The Company set up a small manufacturing operation in Crawley and, while Mr Jones dealt with the administrative, marketing and financial side of the business, Mr Khebbal undertook the day to day production and sales from Crawley
Problems arose between Mr Khebba! and Mr Jones which resulted in Mr Jones agreeing to leave the Company in March 2011 On doing so, Mr Jones drafted an “Agreement for the Restructuring of SUK Products Limited” which was signed by both him and Mr Khebbal in July 2011 Under the agreement, Mr Jones resigned as a director and transferred his shares to Mr Khebbal in exchange for the Company recognising a debt to him of £168,838 22 The agreement was not legally drafted and Mr Khebbat did not seek independent advice The agreement provides for the Company to repay the debt through revenues generated at a mintmum rate of £2,000 per month While some payments were made, the business did not generate revenues or profits to enable payments to be maintained In any event, the debt due to Mr Jones ts uncertain since a provisional analysis of the Company's records suggests Mr Jones has drawn or caused the Company to pay on his behalf, funds totalling some £166,923
Administrators' statement of proposals (2013-08-29) · Companies House register