Susl Realisations Limited (07056730): administration
- Status
- Administration ended
- Administration began
- 2020-09-29
- Administrators' firm
- Insolvency Practitioners of Parker Andrews
- Formerly
- Samurai Ultimate Sportswear Limited; Imco (222009) Limited
- Incorporated
- 2009-10-26
- Location
- Norwich
- Industry
- 14190 Manufacture of other wearing apparel and accessories n.e.c.
From the administrators' statement
3.1 Insolvency Practitioners are bound by the Insolvency Code of Ethics when carrying out all professional work relating to an insolvency appointment. The Administrator observed the Code in all their activities both prior to and after their appointment.
3.2 Prior to the Administrator's appointment, a potential threat to compliance with the Code of Ethics was identified due to the fact that the Administrator was also being appointed on SISL Realisations Limited, an entity which formed part of the group structure, on the same day. It could be perceived that this could be a potential threat to the Code of Ethics as the Administrator would need to take steps to ensure that he is acting in the interest of all creditors of each company at all times. There may also be a potential self-review threat should there be claims between the two companies when it comes to the Administrator reviewing and agreeing intercompany claims.
3.3 Upon review, it does not appear as though there are any claims between the two companies, nor was there a trading relationship between them. However, should claims arise between the two companies later in the administration of the case, safeguards will be put in place to mitigate these threats, such as instructing an independent third party in relation to agreeing any intercompany debts. This matter will be continually reviewed during the course of the Administration.
Administrators' statement of proposals (2020-11-11) · Companies House register