Aerodeal Limited (06761607): administration
- Status
- Administration ended
- Administration began
- 2011-06-14
- Administrators
- Julian Pitts, Gerald Maurice Krasner
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2008-12-01
- Location
- London
- Industry
- 7487
Why it went into administration
- Bad debts / customer insolvency
From the administrators' statement
We were appointed Joint Administrators of a company called Powertherm Limited, by its directors, on 17 February 2009 The Company was incorporated in Apni 2008 with the intention to design and develop a new form of boiler system for light industry and domestic use There had been substantial investment tn the inital development of the project however the Company had, in the twelve month period since incorporation, run out of money and cash flow was tight It became apparent that there had been a fall out between the investor company and the two directors of Powertherm Limited and apart from the money injected into the Company by the investor, there were other creditors pressing for payment, including H M Revenue & Customs The directors decided to place the Company into Administration with a view to canvassing interest in the prototype over the ensuing months
Immediately following appointment on 17 February 2009, contact was made with potential interested parties to invite them to put forward an offer for the assets of Powertherm Limited A number of meetings were held with the interested parties which concluded in an offer being received and accepted from Aerodeal Limited on 13 May 2009 for the sum of £225,000 £50,000 was paid immediately on completion with a balance of £175,000 due for payment by 12 May 2011 To secure the payment from Aerodeal we, as Joint Administrators of Powertherm, were granted a debenture from the purchaser dated 13 May 2009 which was registered on 15 June 2009
The creditors of Powertherm Limited did not agree to the Joint Administrators’ onginal proposals back in Apni 2009 and consequently we applied to court for sanction to sell the assets, which was subsequently granted by the Court Powertherm Limited was subsequently converted from Administration to a Creditors’ Voluntary Liquidation following the sale of the assets on 11 September 2009 and since this time we, as Jomnt Administrators of Powertherm Limited have awaited the final payment under the sale agreement which was due to be paid by Aerodeal Limited on 12 May 2011 As this date approached we made contact with the purchasers to ensure they adhered to the payment deadline, however despite our attempts to realise the remaining balance, they failed to pay the amount by the due date, advising that they disputed that the amount was due as they believed that the former directors of Powertherm Limited had patented the prototype and were using the technology
Administrators' statement of proposals (2011-08-23) · Companies House register