Smarter Engineering Solutions Limited (06492061): administration
- Status
- Administration ended
- Administration began
- 2015-10-14
- Administrators' firm
- Evelyn Partners
- Formerly
- Smarter Energy Solutions Limited
- Incorporated
- 2008-02-04
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Loss-making contracts / project overruns
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The director has attributed the circumstances detailed above and the resulting impact on the Company’s cash flow as the pnncipal issues which have histoncally left the Company with insufficient funds to pay sums due to creditors on a timely basis. To supplement the Company’s cash flow, the Company has continued to complete a small number of general construction contracts and the director has also provided a significant level of financial support to the Company, currently totalling c £441k This has been insuffictent to fully provide for
the Company’s servicing of its liabilities as they have fallen due and HMRC has issued two previous winding up petitions against the Company, which were settled by the Company in full However, on 4 September 2015, HMRC issued a third winding up petition against the Company seeking payment of unpaid NIC, PAYE, CIS, Corporation Tax and VAT in the sum of £243,249
On 21 September 2015, Finbarr O’Connetl met with the director and his legal representative Following a review of the Company’s financial position, including an assessment of its principal assets (comprising its book debts and retentions totatling ¢ £1 35million), the director formed the view that the Company’s assets would be best preserved for its creditors by placing the Company into admimstration rather than allowing the Company to be wound-up by the Court as the recovery of the retentions would not be possible in a compulsory winding-up process due to onerous clauses in the related contracts
Administrators' statement of proposals (2016-07-06) · Companies House register