From the administrators' statement

As mentioned above the Company had traded within expectations and historically made modest profits.

As a result of HMAC seeking ta increase the monthly payment plan and the Company's inability to meet these payments, HMRC threatened to issue a winding up petition against the Company. The Directors realised that they were unable to meet their liabilities as they fell due and sought insolvency advice.

In an attempt to alleviate the cash flow of the Company and repay the outstanding HMRC liabilities the Company sought to obtain funding and also attempted to reduce overheads. Unfortunately the funding attempt was not successful.

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PAR Electrical Solutions Limited (08309243)

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