Matsar Specialist Coatings Limited (08057036): administration
- Status
- Administration ended
- Administration began
- 2015-12-23
- Administrators
- Patrick Alexander Lannagan, Robert David Adamson
- Administrators' firm
- Mazars
- Incorporated
- 2012-05-03
- Location
- Leeds
- Industry
- 25610 Treatment and coating of metals
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Bad debts / customer insolvency
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The Company was intially incorporated on 3 May 2012 The assets of the Company were bought out of the Liquidation of another of the director’s companies in 2013 (Please note that this Liquidation was conducted via a separate Insolvency Practitioners) Following this the Company commenced trading in April of that year Its principle activity was the treatment and coating of metals
The business was initially funded by the director out of his personal funds and via a factoring agreement with Metrobank SME Finance (“Metrobank”)
Unfortunately, the Company was undercapitalised in its first year of trading This was in the main due to the initial outlay of cash that was required to purchase the Company’s assets out of Liquidation and maintaining the finance in relation to some leased plant and machinery
Administrators' statement of proposals (2016-02-19) · Companies House register