Funky Club Fitness Limited (06918576): administration
- Status
- Administration ended
- Administration began
- 2016-07-26
- Administrators
- Nicholas Charles Osborn Lee, Dean Anthony Nelson
- Administrators' firm
- Smith Cooper
- Incorporated
- 2009-05-29
- Location
- Derby
- Industry
- 93130 Fitness facilities
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
- Cash flow / liquidity pressure
From the administrators' statement
As indicated earher in this report, the Administrators are also Joint Liquidators of FLL, albeit the final meeting to obtain their release from office and hability has now been convened with no realisations achteved into the estate
Following the failure of FLL, Derbyshire County Council (“DCC”) began to pursue the Company for the rates hability that had (in the Director’s view) been accrued by FLL In June 2016, DCC put the Company on notice that unless the rates hability was repaid, DCC would issue a winding up petition against the Company. As a result, the Director sought the advice of Dean Nelson of this firm, who met with the Director on 27 June 2016 and advised the Company of the options available to it
Whilst the Company disputed the nghts of DCC to pursue the Company for the rates liability, it became clear that, ultimately, the Company had insufficient working capital to repay the rates hability, or, pay legal advisors to dispute the hability on the Company’s behalf This meant that the Company was insolvent within the meaning of Section 123 of the Act
Administrators' statement of proposals (2016-09-27) · Companies House register