N054 Limited (07341603): administration
- Status
- Administration ended
- Administration began
- 2023-05-05
- Administrators
- Clive Morris
- Administrators' firm
- Begbies Traynor
- Formerly
- North West Precision Limited
- Incorporated
- 2010-08-10
- Location
- Heskin
- Industry
- 30300 Manufacture of air and spacecraft and related machinery
Why it went into administration
- COVID-19
- Creditor pressure / legal action
From the administrators' statement
3.1 As detailed above, creditor level began to rise and various creditors began to issue threats of enforcement action. Although the Company generated a profit in 2021, the Company was still struggling to pay liabilities.
3.2 By April 2023, it became clear that due to the lasting effects of the pandemic, sufficient new business could not be found quickly enough to justify continued trading. It was at this point when the Company directors sought professional insolvency advice.
3.3 A Notice of Intention to Appointment an Administrator was filed on 14 April 2023 and 27 April 2023, which both subsequently triggered an Interim Moratorium.
Administrators' statement of proposals (2023-07-11) · Companies House register