Bar Professions Limited (05969653): administration
- Status
- Administration ended
- Administration began
- 2014-10-22
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-10-17
- Location
- London
- Industry
- 65120 Non-life insurance
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Regulatory change or action
- Cash flow / liquidity pressure
From the administrators' statement
The Company began trading in June 2008, acting as an insurance broker predominately providing solicitors’ professional indemnity The Company began to develop alternative products in order to diversify Its business, which included public liability insurance cover in respect of roofers and scaffolders The roofer and scaffolding line of business was headed up by one particular employee who secured business for the Company through previously held clients The alternative products remained smail tn comparison to the solicitors’ professional indemnity cover
The Administrators have been advised by the director of the Company that in 2011 the Company secured an insurer, through a managing general agent (‘MGA’), exclusively for a solicitors’ professional indemnity scheme which resulted in the Company being one of the largest providers in this particular market The Administrators have also been advised that solicitors’ professional indemnity made up approximately 95% of the Company's overall business at this time
The Administrators understand that the Company employed less than ten full time members of staff, including the director, as at the date of entering into administration and the Company's largest known creditor is HM Revenue & Customs (“HMRC”) who are owed approximately £196,000 in respect of an unpaid Corporation Tax liability
Administrators' statement of proposals (2014-11-28) · Companies House register