Corbin Industries Limited (07670157): administration
- Status
- Administration ended
- Administration began
- 2017-10-18
- Administrators
- Dominik Thiel-Czerwinke, Lloyd Christopher Biscoe
- Administrators' firm
- Begbies Traynor
- Formerly
- Corbin Industries (Bridport) Ltd
- Incorporated
- 2011-06-15
- Location
- Southend on Sea
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 15 June 2011 and traded from The Fireworks, North Mills Trading Estate, Bridport, Dorset, DT6 3BE. It originally operated within the manufacturing sector designing and producing cutting edge products in metal. Following incorporation to 2013, the Company traded achieving reasonable results. The Company employed a number of highly specialised experts in all areas of the manufacturing process including Computer-Aided Design. In or about 2012, the Company proceeded to diversify into the solar power industry following an approach from an installer of such products, British Solar Renewables Limited, (“BSRL’).
Having completed the first project with BSRL, the Company was approached by them to be acquired. Full details of this acquisition attempt were provided in the Company’s CVA Proposals previously issued to creditors but in summary, the relationship became financially stressed resulting in the cancellation of all BSRL work in January 2016 and the abandonment of the acquisition of the Company.
A major debtor owing the Company £150,000 at this time also defaulted on payment, leaving the Company with severe cash flow problems. The Company was then issued with a winding up petition by HMRC.
Administrators' statement of proposals (2017-12-14) · Companies House register