Radius Recruitment Ltd. (05870116): administration
- Status
- Administration ended
- Administration began
- 2012-04-25
- Administrators
- James E Patchett, Martin Charles Armstrong
- Administrators' firm
- BDO
- Formerly
- Monrose Systems Limited
- Incorporated
- 2006-07-07
- Location
- Sutton
- Industry
- 7450
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The directors, Moazzam Hussain and Stuart Bingham, sought our advice concerning the financial position of the above company The first meeting with the directors was held on 13” December 2011 At the meeting it was apparent that the company was coming under increasing pressure from the majority creditor, HM Revenue & Customs (“HMRC")
The directors were made aware of the options available and the potential consequences of trading whilst insolvent 1e wrongful trading The company was finding it difficult to discharge the historic Crown debt and other tiabilities At this time, the company was in the process of obtaining a new factoring agreement with Close Invoice Finance Limited (on better commercial terms than RBSIF), which he hoped would improve the company’s cashflow The directors wished to continue with the business until the new factoring agreement was in place
The company was referred to Turpin Barker Armstrong by David Rutter (of Close Invoice Finance Limited), who, as detailed above, was In discussions with the company over a new factoring agreement
Administrators' statement of proposals (2012-05-10) · Companies House register