The Modern Trades Academy Limited (06986226): administration
- Status
- Administration ended
- Administration began
- 2014-04-11
- Administrators
- Gareth James Lewis
- Administrators' firm
- BPI Asset Advisory
- Incorporated
- 2009-08-10
- Location
- Leeds
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company traded as a training provider for the construction industry, providing training and qualifications for apprentices and other individuals. Attached at Appendix 1 is the statutory information of the Company
It is believed that the Company had been lossmaking for some time, which in tum resulted to cash pressure and creditor arrears. A representative of Lewis Business Recovery and Insolvency met with the director on 2 April 2014, at which point it was clear the Company could not pay its debts as and when they fell due.
Following consultation with the Company's key creditors, including RBS Invoice Finance ("RBS IF") who hold a fixed and floating charge over the Company's assets, a pre-packaged sale was entered into with Total Training (a division of Prestige Hire Limited) The sale completed on 11 April 2014, immediately upon my appointment as administrator.
Administrators' statement of proposals (2014-06-20) · Companies House register