Langley Steelworks Limited (07762366): administration
- Status
- Administration ended
- Administration began
- 2018-12-03
- Administrators
- Daniel Plant, Simon Franklin Plant
- Administrators' firm
- SFP Restructuring
- Incorporated
- 2011-09-05
- Location
- London
- Industry
- 25110 Manufacture of metal structures and parts of structures
Why it went into administration
- Bad debts / customer insolvency
From the administrators' statement
Despite the increased turnover in 2017, the Company was only achieving small margins on the online sales, The steel fabrication work had declined and the Company also suffered a number of bad debts. Accordingly, financial difficulties arose.
Mr Langley sought professional advice in January 2018 from an insolvency firm. He subsequently decided to propose a CVA for the Company. The CVA proposal was formally approved on 26 February 2018.
The terms of the CVA provided for the Company to contribute a sum of £180,000 over a period of 5 years. This would result in a dividend of circa 35p /£ to unsecured creditors.
Administrators' statement of proposals (2019-02-04) · Companies House register