Paton Brown (Sales Promotions) Limited (07715047): administration
- Status
- Administration ended
- Administration began
- 2019-03-27
- Administrators
- Gary Norton Lee, Dean Watson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2011-07-22
- Location
- Manchester
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company entered into a Company Voluntary Arrangement (“CVA”) on 11 December 2015, when Gary Lee and Dean Watson were appointed joint supervisors of the arrangement.
The main provisions of the CVA were that that the Company would make monthly contributions of £2,000 to the supervisors commencing in December 2015. The Company was continuing to trade well during the CVA and the terms of the CVA were being complied with, namely the Company was making monthly payments of £2,000 (£76,000 received in total).
On 25 February 2019, the Company received a formal demand letter from FRP Advisory, the administrators of Acrobat Carbon Services Ltd (“ACS”). ACS is an associated company (common director), and the demand was for £469,319.75. The Company was unable to make payment of this sum, and the Company was therefore insolvent as it was unable to pay its debts as and when they fell due.
Administrators' statement of proposals (2019-04-19) · Companies House register