Aslanol Ltd (08726797): administration
- Status
- Administration ended
- Administration began
- 2019-04-26
- Administrators
- Marco Piacquadio, Julie Anne Palmer
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-10-10
- Location
- Milton Keynes
- Industry
- 45310 Wholesale trade of motor vehicle parts and accessories
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Begbies Traynor was previously instructed by the Board of Directors at the request of a prior secured lender, Bibby Financial Services (“Bibby”) to complete an Independent Business Review, following a joint introduction to Marco Piacquadio of Begbies Traynor from Bibby and the Company’s accountant, Ace Accountants and Tax. Following the Independent Bank Review, Bibby were replaced as secured lender by Pulse Cashflow Finance Limited (‘Pulse’).
Prior to our appointment, Pulse became aware of an apparent diversion of debtor monies away from the agreed Pulse bank account into an alternative Company bank account held with Barclays Given that this appeared to breach Pulse’s banking covenant, Pulse instructed Julie Anne Palmer and Marco Piacquadio to act as Joint Administrators on 26 April 2019.
Discussions were held between Pulse, Marco Piacquadio and the Board of the Company throughout the day with regards to the anticipated appointment and a strategy was devised to ensure that the appointment was completed validly and with a view to meeting the necessary statutory objective of the Administration The appointment was confirmed in the afternoon of 26 April 2019. Accordingly, limited work was carried out in the lead up to the appointment, given that it was made by the qualified Floating Charge Holder and therefore completed very quickly.
Administrators' statement of proposals (2019-07-11) · Companies House register