Echovista Systems Limited (07818366): administration
- Status
- Administration ended
- Administration began
- 2015-08-17
- Incorporated
- 2011-10-20
- Location
- Bournemouth
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was Incorporated on 20 October 2011 to design and develop ultrasonic technology for the removal of liquids and materials from surfaces, including know-how and intellectual property rights The research was financed by C’est Ca Limited, a 50% shareholder company based tn Jersey
The Company traded from 1 Venture Road, Southampton Science Park, Chilworth, Southampton $016 7NP As it was based at Southampton University, the Company was able to make use of the resources and personnel of the University The bankers that the Company used were HSBC Plc, and there was an overdraft facility of £10,000, which 1s personally guaranteed by the directors, David and Patrick Trevett
For a number of years the Company’s research was successful, with the Company entering into a Development and Licence Agreement with a major client, Hema-Maschinen-und Apparateschutz gmbh (HEMA) HEMA invested €250,000 for the development of the Company’s EchoVista Window, a screen that removes water drops using ultrasound technology, for use in HEMA’s high worth numerically controlled machine protection cover These funds have been fully utilised by the Company, and further funds have been advanced to support the Company
Administrators' statement of proposals (2015-09-11) · Companies House register