Dearman Engine Company Limited (07475596): administration
- Status
- Administration ended
- Administration began
- 2019-12-06
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2010-12-21
- Location
- London
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
in 2019 the Company became severely cash constrained and only operated on a minimal cash only basis. The Directors report that they took independent external professional advice from June 2019 and also worked continuously to try and find funding solutions with a reasonable belief that this could be achieved. In addition to seeking external new capital, the Directors report that they aiso tried to achieve further funding from its debthoiders and certain shareholders, a variety of whom were offering certain terms, but no solution could be achieved between all the necessary parties.
In October 2019, the Directors appointed BTG Advisory, a restructuring advisory firm, to advise upon the current position and assist the Directors take appropriate steps in the circumstances.
By 29 November 2019, having exhausted all known possibilities the Directors believed were available to them, they concluded that they could no longer continue the trading of the business and filed a Notice of Intent to appoint an Administrator at Court.
Administrators' statement of proposals (2020-02-03) · Companies House register