Global Trading Practice Limited (06466116): administration
- Status
- Administration ended
- Administration began
- 2013-07-18
- Administrators' firm
- Moorfields
- Incorporated
- 2008-01-07
- Location
- London
- Industry
- 78300 Human resources provision and management of human resources functions
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Competition / price pressure
From the administrators' statement
The Company was introduced to Moorfields by their accountants Wingrave Yeats as a consequence of HM Revenue & Customs issuing a winding up petition against NJS on 18 June 2013 Following this introduction, Moorfields contacted Ultimate Invoice Finance Limited (“Ultimate”), the Company’s secured creditor who provided the Group with an invoice discounting facility which was secured by a cross guarantee between all three of the companies.
The Group was reliant on NJS to provide head office functions As a result of NUS being placed into Administration on 17 July 2013, both the Company and NJC were unable to continue trading
Prior to the Joint Administrators appointment, Moorfields advised Ultimate and the director of the options available
Administrators' statement of proposals (2013-09-03) · Companies House register