Turkington Europe Limited (06103466): administration
- Status
- Administration ended
- Administration began
- 2012-03-06
- Administrators' firm
- Begbies Traynor
- Formerly
- Clear Circle Limited
- Incorporated
- 2007-02-14
- Location
- Newcastle upon Tyne
- Industry
- 2953
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
Gerald Krasner of Begbies Traynor (Central) LLP first met with Stuart Ashman, one of the Directors of the Company on 7 February 2012 to discuss the financial position of the Group The introduction was at the request of the Company’s solicitors Dickinson Dees LLP Pnor to this meeting, the Directors had engaged BTG Corporate Finance, part of the Begbies Traynor Group, to actively market the business leading to a disposal of the Group To assist creditors understanding of the Group, a structure chart ts attached at
Appendix 4
At this inttal meeting, the Director advised that the Group was expenencing cash flow pressure and that TUSA were tn negotiations with their bankers in the hope of agreeing a Chapter 11 process with a view to making an offer to creditors The Director was concerned that should TUSA fail, this would have a significant adverse impact on the Company's trade, as a significant percentage of the Company's tumover came from work subcontracted from TUSA.
Administrators' statement of proposals (2012-04-19) · Companies House register