Panjetani Motor Spares Ltd (07205393): administration
- Status
- Administration ended
- Administration began
- 2013-07-19
- Administrators' firm
- Springfields Business Recovery & Insolvency
- Incorporated
- 2010-03-26
- Location
- Leicester
- Industry
- 45320 Retail trade of motor vehicle parts and accessories
From the administrators' statement
From 1989, two of the directors, Sultanali Karmali Hassanali Rajani (“SKHR”) and the late Zulfikar Karmal Hassanali Rajan (““ZKHR”), traded in partnership as a retailer of motor spares and accessories until the Company was incorporated on 26 March 2010 and acquired the business from the partnership At the time of incorporation, SKHR and ZKHR were the only directors and equal shareholders of the Company.
The business had developed a loyal customer base and the Company performed relatively well following its incorporation Sadly, in early 2011, ZKHR passed away and he was subsequently removed as a director on 10 March 2011 Pmior to his passing, his shareholding in the Company had been transferred to his two daughters and a subsequent transfer of shares resulted in Bushra Zulfikar Karmali Vakil (“BZKV”) holding 50% of the Company’s share capital BZKV was also appointed as a director on 10 March 2011.
The relationship between the two directors and equal shareholders deteriorated owing to a dispute over the beneficiary of a director’s loan account in the name of ZKHR and BZKV was removed as a director on 27 March 2013. Both directors had instructed solicitors in an attempt to resolve the dispute and communication was only taking place through the solicitors On 13 June 2013, SKHR and his solicitor approached Springfields Business Recovery & Insolvency Limited (“Springfields”) with a view to placing the Company into Members’ Voluntary Liquidation (“MVL”). At the meeting, it was agreed that a further meeting should be held involving the solicitors of both parties in order to outline the options available to the Company in more detail
Administrators' statement of proposals (2013-09-18) · Companies House register