Utility Innovations Solutions Limited (07860938): administration
- Status
- Administration ended
- Administration began
- 2017-09-04
- Administrators
- Andrew Poxon, Katy Mcandrew
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2011-11-25
- Location
- Manchester
- Industry
- 28120 Manufacture of fluid power equipment
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated on 25 November 2011 by John Joseph !redale who was the sole director and shareholder. On 13 June 2014, Rosalind Watson joined the board and 50% of the Company's shareholding was transferred from Mr Iredale to Ms Watson. Mr Iredale and Ms Watson each hold 50% of the Company's shareholding of 300 Ordinary £1 Shares. The directors of the Company are Mr Iredale and Ms Watson.
The Company's principal trading activity was the manufacture of fluid power equipment and of special purpose machinery.
The Company was initially capitalised through the introduction of personal funds by Mr Iredale. The Company subsequently funded its operations by utilising an overdraft facility provided by Lloyds Bank Plc (“Lloyds”). Lloyds hold security by way of a debenture, incorporating a fixed and floating charge, which was created on 26 May 2016 and registered on 31 May 2016. The Company is currently at the extent of its overdraft facility totalling c£50k. This lending is understood to have been personally guaranteed by the Directors.
Administrators' statement of proposals (2017-10-27) · Companies House register