Caralot Limited (07133566): administration
- Status
- Administration ended
- Administration began
- 2017-01-09
- Administrators
- Nicholas Charles Osborn Lee, Dean Anthony Nelson
- Administrators' firm
- Smith Cooper
- Incorporated
- 2010-01-22
- Location
- Derby
- Industry
- 45111 Sale of new cars and light motor vehicles
From the administrators' statement
The Company’s accountant, ADS Accountancy Limited referred the director to Dean Nelson of Smith Cooper due to the Company’s precarious financial position and the fact that the Company had ceased to trade. Dean Nelson met with the director on 18 November 2016, to discuss the options available to the Company, albeit there was a paucity of financial information available to review at this meeting and was formally mstructed to assist the Company on 24 November 2016.
The Company, prior to its failure / cessation of trade was due to feature in a TV series to be aired in 2017 and the Director was anxious that the business should continue 1n some form. This was in order that he could receive any royalties payable from this program, as this would help defray his Personal Guarantee liabilities as a consequence of the Company’s failure. As such, the Director stated that it was his intention to set-up a new company and purchase the business, assets and goodwill of the Company.
Dean Nelson discussed with the Director, whether it would be more beneficial for the Company to be placed into Creditors Voluntary Liquidation (“CVL”) rather than Administration. However, due to the fact that the Director wished to purchase the Company's trading name and goodwill and was willing to honour, in whole or part potential warranty claims from former customers, on 24 November 2016, the Director instructed this firm to assist in placing the Company into Administration to enable him to purchase the business and its assets with title. This would result in a better return for creditors than would be available if the Company were to be placed into CVL.
Administrators' statement of proposals (2017-03-13) · Companies House register