MF Solutions Limited (06432121): administration
- Status
- Administration ended
- Administration began
- 2012-01-20
- Administrators
- Robert David Hewitt, Lynn Gibson
- Administrators' firm
- Ccoo Creditlink Creditlink Account Recovery Solutions
- Incorporated
- 2007-11-20
- Location
- West Byfleet
- Industry
- 5248
Why it went into administration
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company held a Franchise for Foot Solutions, (from an Irish Franchisor), selling Orthopaedic fitted shoes The Company was loss making and in need of an insolvency process to regularise Its position Whilst continuing to trade, turnover barely covered its purchase and rent costs leading to a net trading loss
Neither Gibson Hewitt & Co as a firm nor either of the Joint Administrators had a relationship with the Company or its Director, Michael Fraser, prior to 16 December 2011 On this date he contacted this firm for advice having become aware of the firm by way of our website An Initial meeting took place in the following week and we were engaged to act for the Company on 6 January 2012
In that period we advised the Directors on the available options It quickly became apparent that a continuation of the Company’s trading was not viable, even if were via a Company Voluntary Arrangement, (“CVA”) A liquidation would have resulted n the franchise being forfeited and thereby the loss of the business with the additional claims resulting from the redundancy of the workforce An interested party had already been found who was interested in purchasing the business and stock Initially the purchaser was interested in providing a CVA solution, but neither the Director nor the purchaser were prepared to input
Administrators' statement of proposals (2012-02-07) · Companies House register