Intelligent Radio Solutions (Iris) Limited (06536706): administration
- Status
- Administration ended
- Administration began
- 2015-04-08
- Administrators
- Julie Anne Palmer, Sally Richards
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2008-03-17
- Location
- Salisbury
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated by Daniel Lewing and Julia Lewing for the purpose of providing bespoke fadio communication systems within, but not limited to, the confined space market The Company was funded by debt provided by the directors and the Bank Over the life of the Company the directors invested over £100k, and £27,665 remains due to them The Bank provided an overdraft of £15k and a loan of £65k, as detailed below, there remains £7,241 due to the Bank
The Company experienced cash flow difficulties due to non-payment of two key invoices and continuous late payments (60-90 days late in some cases) from ongoing maintenance contracts The Company also faced other tssues that incurred considerable time and expense and did not allow it to focus on bringing in new work Initial discussions took place between the directors and their accountants on 16 March 2015 and a decision was made to consult an insolvency practitioner
We were first contacted by Julia Lewing through our website on 18 March 2015 This was followed by a meeting between Jula Lewing and Simon Campbell on 20 March 2015 where our engagement was formalised and the options open to the Company were explored The initial information gathering then began as we developed our understanding of the business and assets Shortly after a Notice of Intention to Appoint an Administrator (“NOITAA”) was filed in court, on 24 March 2015 On the tenth business day after filing the NOITAA a Notice of Appointment of an Administrator was also filed at court
Administrators' statement of proposals (2015-06-08) · Companies House register