Windtechnics United Kingdom Ltd (07249984): administration
- Status
- Administration ended
- Administration began
- 2011-09-02
- Administrators
- Jason Mark Elliott
- Administrators' firm
- Cowgill Holloway Business Recovery
- Incorporated
- 2010-05-11
- Location
- Manchester
- Industry
- 9305
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company ts a wholly owned subsidiary of Windtechnics SAS (‘SAS’), a company registered in France SAS had recently been placed into formal insolvency in the French Courts, in what is understood to be the French equivalent of Administration Historically SAS has provided the majority of the Company's funding requirements and the financial effect of the formal insolvency of SAS was significant A review of the financial projections revealed that the Company required a capital injection of approximately £180,000 to service its immediate ongoing financial commitments Previously it was believed that these monies would be made available from SAS
As a result, the directors held numerous discussions with the accountants and attempted to seek assurances from the French Insolvency Practitioners, dealing with the insolvency of SAS, as to its long term financial position Such assurances were not forthcoming and it was therefore believed that the Company could not survive 1n Its current form
Furthermore, it was not possible to obtain external funding for the Company whist the ownership vested in the French company As such, an offer of £10,000 was made by the existing board of directors to the French
Administrators' statement of proposals (2011-10-04) · Companies House register