Weclick Media Ltd (06007987): administration
- Status
- Administration ended
- Administration began
- 2018-05-15
- Administrators
- Thomas Charles Russell, Sandra Lillian Mundy
- Administrators' firm
- FRP Advisory
- Formerly
- Weclik Limited
- Incorporated
- 2006-11-23
- Location
- Southampton
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Sustained trading losses
From the administrators' statement
The director, Mr O'Grady, initially approached us on the recommendation of his solicitor, Matthew Homan of Genesis Solicitors, in August 2017. The director was concerned about the poor trading performance of the Company which had been loss making for some time. The losses were being funded by loans advanced by the director to the Company. Over a period of time, the director explored options to turnaround the business or sell the Company and/or its assets however, these efforts proved to be unsuccessful.
The director contacted us again in March 2018 indicating that he needed to understand the insolvency options available to the Company. The financial position of the Company was discussed and the director decided to make one further attempt to sell the Company outside of an insolvency procedure. The trading performance deteriorated and a sale was not achieved and therefore at a further meeting on 10 May 2018 and it was considered that in the circumstances that the Company should be placed into administration with the purpose of realising property in order to make a distribution to one or more secured or preferential creditors. We were engaged on 11 May 2018 to assist with the necessary steps to appoint an administrator.
It had initially been intended to make a Qualifying Floating Charge (QFC) appointment under Paragraph 14 of Schedule Bi of the Insolvency Act 1986 ("the Act”), however, on a review of the security documents a number of concerns were raised but in the timescale available it was hot possible to alleviate these concerns and therefore to avoid any possibility of an invalid appointment the appointment was made by Mr O'Grady in his capacity as a director under Paragraph 22 of the Schedule B1 of the Act.
Administrators' statement of proposals (2018-07-18) · Companies House register