OI Sciences Limited (06370170): administration
- Status
- Administration ended
- Administration began
- 2013-02-19
- Administrators
- Christopher Norman, Ian Walker
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2007-09-13
- Location
- Exeter
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
A winding up petition was tssued against the Company by Opal Healthcare Limited (in Liquidation) (‘Opal") Opal ts an associated company which traded from the same address as the Company until July 2012 when Opal was placed into liquidation Mr Hughes-Holland and Mr Wessely of RSM Tenon were appointed as Joint Liquidators of Opal Mrs Crawford is a director of the Company and her husband is a director of Opal. When Opal was placed nto liquidation the Company owed Opal some £1 1 million
In intial meetings with the directors, a creditors’ voluntary liquidation was considered in order to preserve the value of the Company's assets Begbies Traynor contacted RSM Tenon, in the latter's’ capacity as Liquidators of Opal, to enquire whether they would have any practical objection to the proposed CVL proceedings in respect of the Company. RSM Tenon informed Begbies Traynor that they had referred the issue to Lloyds TSB Commercial Finance (the secured creditor in respect of
-3Opal), and that Lloyds TSB Commercial Finance had instructed RSM Tenon to proceed with a pending petition to wind up the Company
Administrators' statement of proposals (2013-04-23) · Companies House register