Trevor Woodliffe Agricultural & Haulage Limited (07242541): administration
- Status
- Administration ended
- Administration began
- 2016-12-19
- Administrators
- Andrew Graham Mackenzie, Julian Pitts
- Administrators' firm
- Begbies Traynor
- Formerly
- Trevor Woodliffe Agricultural Contractor Limited
- Incorporated
- 2010-05-04
- Location
- Hull
- Industry
- 01110 Growing of cereals (except rice), leguminous crops and oil seeds
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
- Weather / natural events
From the administrators' statement
An independent broker for business finance, were instructed by the Company's director to look at refinancing options Upon receipt of the threat of the winding up petition the broker made contact with Begbies Traynor on 24 October 2016 to discuss the options available to the Company Begbies Traynor met with Trevor Woodliffe on 25 October 2016 and 11 November 2016 Begbies Traynor issued their engagement letter to the Company's director on 21 November 2016 which was signed and retumed by the director on 29 November 2016
On 31 October 2016 chattel asset agents, Sanderson Weatherall, were instructed to inspect and value the Company's assets The agents advised that the majonity of the assets were subject to lease or hire purchase agreements, however there was a combine harvester, subject to a lease agreement which only had two months payments from entering a secondary lease penod at an annuat peppercorn rent, which in effect meant there was equity in the asset, subject to all term payments being made and the relevant settlement figure (5% of the sale value) being paid to the finance company The Company owned some other scrap machinery which had a negligible vaiue
Begbies Traynor advised that the Company was insolvent and therefore needed to either voluntanly enter into liquidation or administration or altematively if the Company did nothing a creditor threatened to wind-up
Administrators' statement of proposals (2017-02-06) · Companies House register