MN Sargeson Ltd (08078369): administration
- Status
- Administration ended
- Administration began
- 2015-12-18
- Administrators
- Michael Chamberlain
- Administrators' firm
- Risk Capital Partners
- Incorporated
- 2012-05-22
- Location
- Leeds
- Industry
- 39000 Remediation activities and other waste management services
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 22 March 2012 by Michael Norman Sargeson (“MNS”) to operate the busmess of vehicle salvage MNS was the sole director of the Company and 100% shareholder until his shares were transferred to Mela Sargeson (“MS”) on 1 May 2014 when he resigned his directorship
It 1s stated by MNS that the Company was managed by MS from 1 May 2014 However, lam aware that MS maybe a full time employee at a solicitor’s office, and there are some indications that MNS may have also been a shadow director of the Company after May 2014 In the first two years of trading the Company has sustained losses amounting to some £37,654 Ata meeting with MNS in October 2015 at the trading premises of the Company he stated that the Company has engaged mn little activity over the period from 1 July 2014 to date
A review of information available to me as trustee in bankruptcy of MNS indicated that he raised monies by remortgaging land at Steel Street in Rotherham, which he owned personally and from where the Company traded I have had sight of a lease dated 30 May 2012 by which MNS leased the site at Steel Street to the Company However, the lease 1s not registered at Land Registry The momes raised by MNS were lent to the Company by way of a loan and information received from the Company’s accountant mdicates that at the date of my appomtment there was balance owing of £89,434
Administrators' statement of proposals (2016-02-23) · Companies House register