Hydrofit GBR Ltd (08292406): administration
- Status
- Administration ended
- Administration began
- 2016-03-22
- Incorporated
- 2012-11-13
- Location
- Gosforth
- Industry
- 43290 Other construction installation
Why it went into administration
- Parent or group failure
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Regulatory change or action
- Competition / price pressure
From the administrators' statement
As detailed above, the group found itself in a position where a sale of the trading entities had fallen away, there was an immediate cash requirement from MRV which was not forthcoming The relationship with the MRV had deteriorated to such an extent that a Winding Up Petition was threatened against the entire group should immediate repayment of the investment not be forthcoming The investment for repayment was in the region of £500,000 and the group was in no position to meet such a demand, even if there was some time to consider refinancing the group
As such, AK and LH immediately sought professional advice and meetings were held with Andrew David Hasiam (“ADH”) and Gordon Smythe Goldie (“GSG”) of Tait Walker on 25 and 26 February 2016, where with the immediate and real threat of a Winding Up Petition, the board passed the required resolutions to file a Notice of Intention to Appornt Administrators, the proposed Administrators being ADH and GSG
ADH and GSG were then appointed Joint Administrators on 22 March 2016 The appointment permitted the Joint Administrators to take actions required either jointly or alone and | have been the Administrator primarily involved in dealing with the Company's affatrs
Administrators' statement of proposals (2016-04-08) · Companies House register