Ifds Utilities Limited (07867879): administration
- Status
- Administration ended
- Administration began
- 2015-09-09
- Administrators
- David Michael Clements, Paul Robert Boyle
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 2011-12-01
- Location
- Manchester
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Directors initrally sought advice from Harrisons Business Recovery and Insolvency Limited CHarrisons’) in April 2014 with regards to agreeing a potential formal time to pay arrangement with HM Revenue & Customs in respect of arrears of PAYE/NIC and VAT. At this time the Company was in discussions with Aldermore Bank Plc (Aldermore’) with regards to an invoice finance facility and it was due to such discussions that the Company was advised to seek professional advice The Directors were requested to provide further information in order to produce projections/cashflow forecasts for the Company tn order to evaluate the affordability of any such repayment proposals. The Directors failed to provide the requested information and also stopped responding to correspondence in the following months
In the period following the meeting in April 2014 I understand that the Directors attempted to liaise with HM Revenue and Customs themselves with regards to discharging the arrears +The Directors have advised that they subsequently met with a representative from HM Revenue & Customs who advised the Directors to discharge the PAYE arrears and leave payment of the outstanding VAT The Company
subsequently discharged the PAYE arrears on the purported advice of HM Revenue & Customs. However tn June 2015 HM Revenue & Customs threatened to commence legal action against the Company in respect of the outstanding VAT arrears +The Company subsequently sought advice from a firm of Insolvency Practitioners, Adcroft Hilton
Administrators' statement of proposals (2015-10-30) · Companies House register