Ipeople Limited (07763006): administration
- Status
- Administration ended
- Administration began
- 2014-07-10
- Administrators
- Robert Alexander Henry Maxwell, Julian Pitts
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2011-09-05
- Location
- Leeds
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated on 5 September 2011 as the holding company of its subsicianes |People Services Ltd and Action First Recruitment Ltd ("AFR") Whilst the Company did not trade, it operated an umbrella payroll facility for some of tts subsidiary companies and non subsidiary connected companies
As a holding Company, the Company incurred the borrowing lability to facilitate acquisitions One such acquisition was AFR Unfortunately AFR failed, resulting in administrators being appointed on 1 October 2012 which left the Company with a debt of £460,581 69 with no means to make repayment Furthermore, due to the cashflow pressure within other subsidianes ansing from the fatlure of ISynergy People Ltd, the Company accrued arrears in PAYE with HMRC Whilst the remaining connected companies are still trading and repayment is anticipated in the fullness of time, this would not be soon enough to deal with the HMRC arrears
When | Synergy People Lid went in to administration on 30 December 2013, Its liability of £277,000 owed had _ no prospect of being repaid from the Insolvency process
Administrators' statement of proposals (2014-09-11) · Companies House register