Wholesale Electrical Distribution Ltd (06496687): administration
- Status
- Administration ended
- Administration began
- 2014-07-08
- Administrators
- Peter John Harold
- Administrators' firm
- Refresh Recovery
- Incorporated
- 2008-02-07
- Location
- Skelmersdale
- Industry
- 46520 Wholesale of electronic and telecommunications equipment and parts
Why it went into administration
- Weak consumer demand
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Property / lease costs
From the administrators' statement
Important Note The information contained in this section has been provided by the Director of the Company and no verification work has been undertaken by the Administrator
The Company was incorporated on the 7 February 2008 and traded from leasehold premises situated at Untt 3 Junction Trade Park, Baxter Street, Hollinwood, Oldham, OL8 4RG since 2 November 2012 selling wholesale electrical components for commercial and domestic use The Customers of the Company included local trade customers and passing trade
The Company has recently encountered trading difficulties through the downturn of the economic market and a fall in demand generally for the Company's products On 6 June 2014 the Company met with Refresh Recovery to discuss the financial position of the Company At this meeting, the Directors advised that the Company was unable to pay its debts as and when they fell due and consequently was insolvent Refresh Recovery discussed with the Directors the various options available to the Company and, with the threat of a possible distraint action being taken over the Company's assets by the Landlord for the non-payment of rent, recommended that the Company be placed into Administration to protect the assets and seek to achieve a greater realisation for the benefit of creditors
Administrators' statement of proposals (2014-08-28) · Companies House register