Londza Enterprises Limited (06592752): administration
- Status
- Administration ended
- Administration began
- 2013-01-04
- Incorporated
- 2008-05-14
- Location
- Sutton
- Industry
- 56103 Take-away food shops and mobile food stands
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The company was referred to Turpin Barker Armstrong by their accountant, Tommy Gihi of Bhalloo & Co The board sought our advice concerning the financial position and the first meeting with the director was held on 10" October 2012, with Martin Armstrong of this office At this meeting the director explained that the company had twice put forward proposals for a CVA without success It was clear that the company was Insolvent and at risk of winding up proceedings from any of the company’s creditors It was also noted that the company had been threatened with winding up proceedings in respect of the outstanding Crown liabilities
The director was made aware of the options available and the potential consequences of trading whist insolvent 1e Wrongful trading The director was confident that the business would be profitable going forward but could not discharge the histonc debts in addition to norma! trading labitities
It was evident that the company was insolvent and could not continue to trade and, in addition, faced the prospect of being wound up The director could not afford to continue to personally fund the company and had been contacting third parties for potential investment into the business Unfortunately there were no expressions of interest Nimet Agirbas, who also worked in the business, expressed an interest in acquiring the business and it was considered whether a Creditors’ Voluntary Liquidation (“CVL”) or Administration should be the desired route Following an independent valuation, it was considered that the Administration route would result in a better outcome to creditors than in a winding up and would preserve the value of the business
Administrators' statement of proposals (2013-01-23) · Companies House register