Avidean Limited (07428017): administration
- Status
- Administration ended
- Administration began
- 2018-12-14
- Incorporated
- 2010-11-03
- Location
- Droitwich
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
3.1 My firm was initially introduced approached by the Company on 21 November 2018 in order to assess the financial position of the company and to discuss the insolvency options available.
t met with Mr. Hanson on 21 November 2018 at the company offices and discussed the generic insolvency options. At that meeting the Director advised that the company was in a CVA and that in his view the company was unable to continue to honour the payments to the arrangement and that a breach of the terms was imminent. A background to the company’s current difficulties was provided by the director and he also expressed his desire to continue to trade in some guise in the same industry. The remainder of the meeting was spent discussing various alternative insolvency options available to the company, including the mechanics of a pre-packaged sale in administration.
It became apparent at the meeting that the company was experiencing extreme pressure from HMRC in respect of post-arrangement tax liabilities, with the imminent threat of either a winding up petition being issued or a formal execution taking place. The meeting further concluded that the Company was insolvent and that immediate steps should be taken to seek to appoint an Administrator in order to preserve the value of the business and protect the interests of key stakeholders.
Administrators' statement of proposals (2019-01-18) · Companies House register