Pentland & Co Limited (05149626): administration
- Status
- Administration ended
- Administration began
- 2012-12-18
- Administrators
- James E Patchett, Martin Charles Armstrong
- Administrators' firm
- BDO
- Formerly
- NIX Marketing Limited
- Incorporated
- 2004-06-09
- Location
- Sutton
- Industry
- 43342 Glazing
Why it went into administration
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
The company was referred to Turpin Barker Armstrong by their advisor, James Burgess of DAL Commercial Consultants Ltd The board sought our advice concerning the financial position and the first meeting with the director was held on 17" August 2012, with Martin Armstrong of this office At this meeting the outcome of the company's legal disputes was unclear and the company was still able to discharge its liabilities as and when they fell due As detailed above, it was subsequently confirmed that the company was hable for substantial legal fees in respect of the pursuit of two bad debts and a claim for unfair dismissal A further meeting was held between Martin Armstrong and the director on 4" December 2012 and it was apparent that the company would not be able to discharge the sums due It was also noted that the company had been threatened with imminent winding up proceedings in respect of the outstanding legal costs
The director was made aware of the options available and the potential consequences of trading whilst insolvent te Wrongful trading The director was confident that the business would be profitable going forward but could not discharge these legal costs in addition to their normal trading fiabiltties
It was evident that the company was insolvent and could not continue to trade and, in addition, faced the prospect of being wound up The director could not afford to personally fund the company and had been contacting third parties for potential investment into the business Unfortunately there were no expressions of interest The director expressed an interest in acquiring the business and it was considered whether a Creditors’ Voluntary Liquidation (“CVL”) or Administration should be the desired route It was considered that the administration route would result in a better outcome to creditors than In a winding up and would preserve the value of the business
Administrators' statement of proposals (2013-01-03) · Companies House register