T D Resprays Limited (05790908): administration
- Status
- Administration ended
- Administration began
- 2011-11-28
- Administrators
- Timothy Frank Corfield
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2006-04-23
- Location
- Walsall
- Industry
- 5020
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
TD Resprays Limited was incorporated in 2006 following Keith Watts’ sole trader business, KW Autobodies buying the business, TD Resprays, from the landlord of the trading premises at 639 Bloxwich Road, Leamore, Walsall The company provided commercial resprays to truck rental/sales companies and accident repairs to cars and insurance work The company sought and obtained funds to set up and maintain its cashflow needs but began to have difficulties servicing the repayments, together with demands being made from HMRC regarding payment of an outstanding debt of £54,000 ‘It has suffered recently with a dip in profitability because of the recession and not having sufficient operating controls tn place This led to the company being overstaffed and overheads not matching the income being generated
The company had been trying to negotiate a payment plan for outstanding PAYE/NI contributions and VAT with HMRC Mr Watts was successful tin agreeing a plan with PAYE/NI representatives of HMRC, but not for outstanding VAT On 11 October 2011, bailiffs representing HMRC for VAT due of part of the amount outstanding of £33,224 issued a distraint notice on a spray booth and a spray gun The company did not have the resources to pay this We understand the spray gun was subject to a hire agreement
The director sought my advice with regard to the company's financial position | met the director on 14 November 2011 with a view to assisting him with preparing a draft Statement of Affairs of the company to assess the company's financial position and discuss options available
Administrators' statement of proposals (2012-01-18) · Companies House register