M I Electrical Solutions Ltd (05596357): administration
- Status
- Administration ended
- Administration began
- 2019-07-11
- Administrators' firm
- CFS Restructuring
- Incorporated
- 2005-10-18
- Location
- Nottingham
- Industry
- 43210 Electrical installation
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
3.1 As detailed earlier, in March 2019, clients of the Company began to slow up on payments and spurious claims were being made in an attempt to delay having to make payments of funds that were rightfully due. As a result of this, the Company began to experience cash flow difficulties.
3.2 As the difficulties continued, the directors sought professional insolvency advice from CFS Restructuring LLP.
3.3 Having reviewed the financial position of the Company and its available options, it was agreed that a Company Voluntary Arrangement (“CVA”) would be proposed to its creditors.
Administrators' statement of proposals (2019-09-11) · Companies House register