Rockstone Cherry Limited (07562616): administration
- Status
- Administration ended
- Administration began
- 2019-12-10
- Administrators' firm
- Allticensed Insolvency Practitioners of CVR Global
- Incorporated
- 2011-03-14
- Location
- Brighton
- Industry
- 56302 Public houses and bars
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
From the administrators' statement
• In September 2019, it became clear that the Company was in breach of the terms of the CVA and was again struggling to pay post CVA debts when they fell due. The intention was for the freehold premises to be refinanced in order to raise funds to rectify the breaches in the CVA and settle post CVA liabilities.
• However, by the beginning of September 2019, the directors recognised that refinancing would not enable the Company to avoid insolvency since any surplus funds raised would be caught under the CVA windfall clause and would not therefore be sufficient to settle post CVA liabilities.
• Mr Pringle, the current Director, was appointed as sole Director of the Company on 22 September 2019, having first been employed by the previous directors on a consultancy basis.
Administrators' statement of proposals (2020-01-31) · Companies House register