# VDPL Realisations Limited (05367355)

> Why UK company 05367355 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/05367355

- **Status:** Administration ended
- **Administration began:** 2023-09-01
- **Administrators:** Nicholas Parsk, Kalani Gunawardana
- **Administrators' firm:** Quantuma
- **Formerly:** Vision Design Projects Limited
- **Incorporated:** 2005-02-17
- **Location:** Slough
- **Industry:** 43999 Other specialised construction activities n.e.c.

## Why it went into administration

- HMRC / tax arrears

## From the administrators' statement

3.1 By May 2023, the Company had a debt with HM Revenue & Customs (“HMRC”) in excess of £350,000 but had managed to agree a payment plan to repay the debt at £1,000 per month. The Company recently missed one of these payments and on review, HMRC stated that they wanted to amend the terms of the repayment schedule. HMRC advised that they wanted at least £13,000 a month to repay the debt. The Company reviewed their forecasts and informed HMRC that this was not viable. The Company also had a loan with Funding Circle which had in the region of £140,000 outstanding, general trade suppliers were owed in the region of £150,000.

3.2 Immediately prior to our appointment, the proposed Joint Administrators had considered whether the first Administration purpose might be achieved by continuing to trade the business within Administration in order that a proposal for a CVA might be put to creditors. However, it was considered that trading the business during the Administration could not continue, as the Company had insufficient finance in order to do so and it was not clear that the business would trade profitably. For these reasons also, the Joint Administrators considered it would not be in the interests of creditors as a whole to continue to trade the business in Administration in the short term with a view to exploring whether the existing offer for the purchase of the business and assets could be improved upon.

3.3. No Moratorium under Part A1 of the Act has been in force for the Company at any time within the period of 2 years ending with the day on which it entered Administration.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/05367355/filing-history/MzM5Nzc4NzQyMWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/05367355

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.