MG Metal Design Limited (06515087): administration
- Status
- Administration ended
- Administration began
- 2021-04-26
- Administrators
- Allan Christopher Cadman, Allan Christopher Cadman
- Administrators' firm
- Xeinadin
- Incorporated
- 2008-02-27
- Location
- Manchester
- Industry
- 24100 Manufacture of basic iron and steel and of ferro-alloys
Why it went into administration
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
The Directors of the Company initially contacted Poppleton & Appleby on the introduction of the Company's accountants, E2E Accountancy of Wetherby. Charles Brook of Poppleton & Appleby first met the Directors on 8 February 2021. There were several physical and virtual meetings between this date and 26 April 2021 at which the Company’s finances were discussed.
At the time the initial introduction Company had received notice of termination from Royal Bank of Scotland Invoice Finance Limited (‘RBSIF’) in relation to its invoice discounting facility. Following a review of the Company's financial position a report was presented to the Directors of the Company setting out the options available.
On 17 March 2021 formal letters of engagement were agreed with the Directors on behalf of the Company in relation to the proposed Administration of the Company and pre-packaged sale of its business and assets.
Administrators' statement of proposals (2021-06-02) · Companies House register