Enterwell Engineering Ltd (07217401): administration
- Status
- Administration ended
- Administration began
- 2012-02-02
- Administrators
- John Christopher Sallabank, Paul Robert Boyle
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 2010-04-08
- Location
- Manchester
- Industry
- 7487
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
On 25 October 2011 Harrisons met with PW, on the instruction of Bibby, to assess the Company's financial position and discuss the options available At this time it was clear that the Company was undercapitalised and could not continue to trade in sts current state Harrisons were immediately instructed to assist PW in preparing a proposa! for a Company Voluntary Arrangement (‘CVA’) and on 16 November 2011 Paul Boyle of Harrisons was appointed to act as Nominee in the Company’s proposal for the same PW recognised that in order for a CVA to be successful it was necessary for the Company to undergo a streamlining exercise to reduce its overheads As a result the Company made six positions redundant at this time However at the adjourned meeting of creditors on 21 December 2011 the proposal for a CVA was rejected
PW advises that he had been looking to secure a third party investment into the Company for some time and, towards the end of December 2011, it was envisaged that a potential investment would be available early in the New Year This investment was to form the basis of a revised proposal for a CVA and PW indicated that he intended to reinstruct Harrisons to assist with the preparation thereof However during January 2012 the investors withdrew from negotiations
Bibby had been supporting the Company throughout the course of the preceding three months after the Company instructed Harrisons to assist in the preparation of a proposal for a CVA. However the Company had been operating on the upper limit of the factoring factlty for some time and with the fall off tn activity the amount which the Company could draw down was restricted This resulted in the Company not being able to purchase materials to replentsh stock therefore limiting the Company's operational capacity.
Administrators' statement of proposals (2012-02-15) · Companies House register