Rail Tech Group Railway & Signal Engineering Limited (05673082): administration
- Status
- Administration ended
- Administration began
- 2012-08-31
- Administrators
- Shelley Bullman, Simon Robert Thomas
- Administrators' firm
- Moorfields
- Incorporated
- 2006-01-12
- Location
- London
- Industry
- 42120 Construction of railways and underground railways
Why it went into administration
- HMRC / tax arrears
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss-making contracts / project overruns
From the administrators' statement
The Company was incorporated on 12 January 2006 and traded from its head office at 91 Dales Road, Ipswich, Suffolk, IP1 4JR.
The Company provided rail and signalling engineering with additional divisions specialising in labour supply and technical training It delivered its services to a wide customer base covenng large suppliers to the rail industry and smaller specialists firms, either under a framework agreement or fixed price contracts.
Centric Commercial Finance (“Centric”) provided the Company with an invoice discounting facility. By the summer of 2012 and following a review of the Company's sales ledger, it became apparent that certain debts on the ledger had exceeded the allowable 80 day ageing limit. These amounts were consequently disallowed for funding purposes and facility availability was reduced.
Administrators' statement of proposals (2012-10-17) · Companies House register