Car Medic International Limited (05444058): administration
- Status
- Administration ended
- Administration began
- 2011-11-24
- Incorporated
- 2005-05-05
- Location
- Northampton
- Industry
- 5020
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company began to suffer from an availabilty of working capital due to a downturn in trade The employee wages were due to be patd and had ro funds with which to pay them Tne Company therefore had a choice of ceasing to traae the company (thereby breaching the franchise
agreement) or to secure working capital immediately
As additonal funding could not be secured the directors sought independent advice with regards to protecting the gooawill of ine ousmess and saving Jobs whilsi meeting cntena in order for & possible sale to take place After considenng the possible outcomes the directors concluded that administraton woula provide a better outcome for creditors than liquidation Accordingly, solicitors were instructed to file the necessary papers to place the Company into administraton which was
Administrators' statement of proposals (2011-12-28) · Companies House register