Compass Northern Limited (06216128): administration
- Status
- Administration ended
- Administration began
- 2011-11-28
- Administrators
- Paul Howard Finn, Michael Field
- Administrators' firm
- Finn Associates (Businesscare)
- Incorporated
- 2007-04-17
- Location
- Leeds
- Industry
- 4525
Why it went into administration
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Credit insurance / supplier credit withdrawn
From the administrators' statement
In providing the detail within this section, the joint administrators have relied entirely upon information and explanations provided by the company’s directors and senior management Although covered previously tn their tnitial report to creditors, events leading to administration précis as follows
Compass was established in 2007 to provide bespoke outer rain - cladding solutions to the building industry The company initially traded successfully for the first three years of its life, establishing both turnover and client base The directors estimate (audited accounts for the year to July 2011 are not available) that by July 2011 turnover for the previous year had reached over £1million
Dunng 2011 the company reportedly sustained four major bad debts, totalling over £100,000, and were unable to claim restitution from their credit insurance due to an alleged technical breach in the way their debts were previously reported to the insurer
Administrators' statement of proposals (2012-01-31) · Companies House register