Truecut Technologies Limited (06450541): administration
- Status
- Administration ended
- Administration began
- 2013-08-09
- Incorporated
- 2007-12-11
- Location
- Clarke Street
- Industry
- 25990 Manufacture of other fabricated metal products n.e.c.
Why it went into administration
- Competition / price pressure
From the administrators' statement
As I have reported to creditors previously, the Company began to encounter financial difficulties recently, following the departure of a former director and a number of staff who left the Company - to join what ts now an industry competitor
In summary, the financial effects of the departure of a former director and staff, manifested in decreased turnover and profitability 1 do not wish to release any detailed information to creditors at this juncture, as the issue has been the subject of formal legal advice to the remaining directors of the Company and my investigations will continue concerning the conduct of the former director and the apparent removal from the Company of confidential intellectual property.
The Company was placed into Administration on 9 August 2013. 5. EVENTS SUBSEQUENT TO THE APPOINTMENT OF THE ADMINISTRATOR On 9 August 2013, the Company (acting through me as Administrator) effected a sale of its business and unencumbered assets to Truecut Laser Components Limited. Details of the transaction have previously been circulated to creditors, in my letter dated 15 August 2013
Administrators' statement of proposals (2013-10-11) · Companies House register