HAY Engineering Limited (06467614): administration
- Status
- Administration ended
- Administration began
- 2013-11-29
- Administrators
- Julie Anne Palmer, Sally Richards
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2008-01-09
- Location
- Salisbury
- Industry
- 24100 Manufacture of basic iron and steel and of ferro-alloys
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
Hay Engineering has been established some 40 years and manufactures component parts for various local producers in the Portsmouth area The current director, Robert Hay, bought the business in 2006 from his father and uncle and in 2008 incorporated it to a imited company !t was producing a healthy profit for many years but grew exponentially in 2010 and with the added turnover came the additional costs which were not managed accordingly The director suffered a massive brain injury in 2010 and battled to manage the business effictently during this time which resulted in HMRC debt accumulating Since this time the director has found it increasingly difficult to pay off historic debts as well as current suppliers
The director had initially approached Cooper Williamson Limited in September 2013 with a view to proposing a ‘Creditors Voluntary Arrangement’ However on 2 October 2013 Begbies Traynor compteted the acquisition of Cooper Willamson Ltd and the Manchester office subsequently corresponded with Mr Hay in regards to a proposed CVA Julie Anne Palmer met with Mr Hay on 14 November 2013 and it transpired that a CVA was not viable and as the Company was experiencing creditor pressure, consisting of demands from HMRC, Begbies Traynor were instructed to assist tn placing the Company tnto Administration
Administrators' statement of proposals (2014-01-21) · Companies House register