# Upstage SET Builders Limited (06520577)

> Why UK company 06520577 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/06520577

- **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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/06520577/filing-history/MzA5OTgzNjY5NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/06520577

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.