JJD Plant Limited (07845308): administration
- Status
- Administration ended
- Administration began
- 2024-03-18
- Administrators
- Richard Cole, Steve Kenny
- Administrators' firm
- KBL Advisory
- Incorporated
- 2011-11-11
- Location
- Sale
- Industry
- 77120 Renting and leasing of trucks and other heavy vehicles
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
3.1 The Company approached KBL Advisory Limited on 5 March 2024. A review of the Company’s financial position was carried out and it was established that the Company had insufficient working capital to continue to trade following the demise of its main customer. The Company was in significant arrears with trade creditors and had fallen into arrears on a majority of its hire purchase agreements.
3.2 Options were considered by the director, and it was concluded that a wind down administration was considered to be the preferred course of action and the director proceeded to formally engage KBL Advisory Limited to assist with this process on 8 March 2024. A wind down Administration was deemed the most appropriate procedure due to the immediate control to safeguard assets subject to finance agreements which were situated across multiple sites. Furthermore, the Moratorium would best allow for a more controlled sale of assets to achieve higher realisations for finance companies and reduce any subsequent unsecured claims for any shortfalls.
3.3. On 18 March 2023, A Notice of Appointment of Administrator sworn by the director was filed in the High Court of Justice Business and Property Courts of Leeds. Upon filing this notice, Steve Kenny and Richard Cole of KBL Advisory Limited were appointed as Joint Administrators of the Company.
Administrators' statement of proposals (2024-05-18) · Companies House register