Valvetek Machining Ltd (05507629): administration
- Status
- Administration ended
- Administration began
- 2017-07-14
- Incorporated
- 2005-07-13
- Location
- Manchester
- Industry
- 28140 Manufacture of taps and valves
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
From the administrators' statement
As a result of the downturn in the UK oil and gas industry, the Company began to accrue corporation tax, PAYE, NIC and student loan repayment arrears. The Company agreed a time to pay scheme with HM Revenue & Customs but the Company was unable to maintain payments under the scheme which resulted in HM Revenue & Customs issuing a winding up petition against the Company with the hearing date set for 24" July 2017.
The petition document reports that taxation liabilities totalled £233,936.20. However, HM Revenue & Customs has submitted a provisional claim of £287,640.09.
Charles Brook, a Licensed Insolvency Practitioner and Partner at Poppleton & Appleby was first introduced to the Directors of the Company on 20th June 2017 by Richard Brier of Isaacs &Co, accountants and business advisors of Bradford, himself having been independently introduced to the Company on the same day with a view to providing the Directors with advice in relation to commercial funding options.
Administrators' statement of proposals (2017-10-04) · Companies House register