Rapid Product Development Ltd (08132895): administration
- Status
- Administration ended
- Administration began
- 2023-07-05
- Administrators
- Richard Easterby, Francis F A Wessely
- Administrators' firm
- Quantuma
- Formerly
- Miproto Ltd
- Incorporated
- 2012-07-06
- Location
- Maidenhead
- Industry
- 71129 Other engineering activities
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Quantuma Advisory Limited’s (“QAL”) Corporate Finance team were engaged in May 2023 to market an opportunity for the introduction of working capital via debt or equity, or alternatively an opportunity to acquire business out of Administration. The marketing process proved unsuccessful, and a review of the Company’s cash-flow revealed that there would be insufficient working capital available to allow for continued marketing.
Two Notice of Intention to Appoint Administrators (“NOITAA”) were filed and served on Thomas James, chargeholder. The NOITAAs were filed and served on 8 June and 22 June 2023. The filing of the NOITAAs were required to afford the Company the protection of an interim moratorium whilst the negotiations surrounding the sale of the business were completed. Consent to the appointment of administrators was provided by Thomas James.
Continuing to trade outside of insolvency was not a viable option because the Company had exhausted its available cash resources and its cash constraints were impacting on its ability to continue trading.
Administrators' statement of proposals (2023-09-05) · Companies House register