Abacus Employment Ltd (06901941): administration
- Status
- Administration ended
- Administration began
- 2011-07-29
- Administrators
- John Christopher Sallabank, Paul Robert Boyle
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 2009-05-11
- Location
- Reading
- Industry
- 9305
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
From the administrators' statement
However, even with new financing in place, the Company continued to struggle to meet its obligations to HMRC, who visited the Company in order to discuss the position, whilst SW was not at the premises. Upon hearing of the event, he immediately sought professional advice in respect of the Company’s financial position.
SW firstly sought the advice of an independent chartered accountant, who advised him to inform SME of the circumstances SW contacted SME who sought for Harrisons to undertake a review of the Company's financial position at a meeting on 20 July 2011 and after reviewing the information available Harrisons confirmed that the Company was insolvent within the meaning of Section 123 of the Insolvency Act 1986 since it could not settle its debts as and when they fell due The Company was also in default of its facility with SME since it was not maintaining its obligations to HMRC As a resuit of this, SME took the decision that they were no longer willing to fund the Company Accordingly, on 29 July 2011 on the filing of a Notice of Appointment of Adminsstrators at the Royal Court of Justice by SME we were appointed Joint Administrators.
DISCLOSURE PURSUANT TO STATEMENTS OF INSOLVENCY PRACTICE 13 AND 16
Administrators' statement of proposals (2011-08-16) · Companies House register