ECO Chic Restaurants Limited (08468308): administration
- Status
- Administration ended
- Administration began
- 2017-07-10
- Administrators' firm
- Insolve Plus
- Incorporated
- 2013-04-02
- Location
- Milton Keynes
- Industry
- 56101 Licenced restaurants
Why it went into administration
- Creditor pressure / legal action
- Regulatory change or action
From the administrators' statement
We were initially referred to the company on | June 20!7 by Damon Watt, a Principal ac EMW Law, Seebeck House, | Seebeck Place, Knowhill, Milton Keynes, MK5 8FR. On 2 June 2017 Anthony Hyams met with the directors at the company’s trading premises to discuss the options available to the company.
During these discussions it was ascertained that a far higher value could be obtained for the assets of the business if it could be sold as a going concern. In order to protect. the business and assets from legal process by creditors the Board was advised to consider disposing of the business and assets via a pre pack Administration process.
Prior to the commencement of the Administration insolve Plus Ltd provided insolvency advice to the Board as a whole, which was acting on behalf of the company. No advice was given to the individual directors regarding the impact of the insolvency of the company in relation to their personal financial affairs. Whilst not formally in office at chat time, Insolve Plus Ltd was still required to act in its dealings with the company in accordance with the Insolvency Code of Ethics set out by the regulatory bodies.
Administrators' statement of proposals (2018-07-16) · Companies House register