05758236 Limited (05758236): administration
- Status
- Administration ended
- Administration began
- 2011-12-12
- Administrators' firm
- B&C Associates
- Incorporated
- 2006-03-27
- Location
- London
- Industry
- 5190
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
Direct Technology Solutions Ltd was an Office reseller of Photocopuers, multi functional printers, audio visual systems and computer Equipment The vast majority of sales were done through leasing companies/Banks The Company would sell the equipment to the bank or leasing company and the leasing company/bank would have a contract with the customer and pay an agreed quarterly rental over a 3 or 5 year term Often in these agreements would be settlements for the customers previous contracts for old office equipment This liability would either be paid by the Company or directly by the new bank or leasing company
The Company started trading as an Olivetti Dealer and all of the goods sold comprise Olivetti machines The Company’s customer base 1s made up primarily of schools and local authority segments with around 15% being limited and ple companies and chanties As the business uses banks and leasing companies for its sales, a recent change in policy by these banks and leasing companies has have had an adverse effect on the business As a result, the finance Companies have changed their procedure with regard to proposal acceptance and signing authority for these customers With these changes it has made 1t impossible to continue with processing new business with these schools which makes up 85% of the customer base With no new
banks or leasing companies willing to process contracts under the previous
Administrators' statement of proposals (2012-01-27) · Companies House register