Upstage SET Builders Limited (06520577): administration
- Status
- Administration ended
- Administration began
- 2014-04-28
- Administrators' firm
- Menzies
- Formerly
- ABG Trading Limited
- Incorporated
- 2008-03-03
- Location
- Sutton
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The director discovered in December 2013, following a review by the company’s accountants (Menzies LLP), that it had accrued a historic accrued VAT lability of circa £300,000
Menzies Business Recovery LLP (a firm of licenced insolvency practitioners and an associated company of Menzies LLP) endeavoured to negotiate a “time to pay” arrangement with HMRC, but they would not agree to any arrangement for a period in excess of twelve months The company’s budgets and cash flow forecasts demonstrated that the company would not be able to adhere to a shorter “time to pay” arrangement
The director met with Menzies Business Recovery LLP on 5 March 2014 to consider his options and they explained the various insolvency procedures to him Menzies Business Recovery LLP advised him that he should consider carefully if he wished to continue with the business and to assess whether or not it could be viable in the future The director made enquires of potential funders without success In addition, he was not in a position to personally fund the business As the Company could not settle the HMRC debt, it was insolvent by virtue of if not being in a position to settle tts debts as and when they fell due A formal insolvency procedure was therefore required
Administrators' statement of proposals (2014-05-12) · Companies House register