PV Technical Services Ltd (07984538): administration
- Status
- Administration ended
- Administration began
- 2014-03-12
- Administrators
- John Malcolm Titley, Andrew Poxon
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2012-03-09
- Location
- Manchester
- Industry
- 70229 Management consultancy activities other than financial management
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Parent or group failure
From the administrators' statement
The group known as Pinnacle consisting of Pinnacle Advantage Limited (“PAL") and a number of wholly owned subsidiaries, was formed in 2009 by Matthew Tyson and Simon Breen and |s an umbrella company offering services to contractors and recruiters in a variety of sectors
Pinnacle was approached tn 2012 by Vital (consisting of Vital Services Group Limited and 6 subsidiaries) to provide temporary staff on credit terms 3 new limited companmes were incorporated in order to provide the services, with PVT providing temporary self employed workers, who were not subject to the Construction industry Scheme (*CIS’) The other two companies which were set up at this time were PV Contracting Services Limited ("PVC") and PV Sure Services Limited (“PVS’) (collectively “the Companies”)
PVC entered into an invoice financing agreement with Close Brothers Limited ("Close") in April 2013, and Close were granted a fixed and floating charge debenture over the PVC’s assets Close were also gtanted a fixed and floating charge debenture over the assets of PVT, PVS, and the parent Company, PAL in respect of cross-company guarantees
Administrators' statement of proposals (2014-05-06) · Companies House register