Northern Truss Joist Limited (08802334): administration
- Status
- Administration ended
- Administration began
- 2017-10-30
- Administrators
- Lee Van Lockwood, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-12-04
- Location
- Leeds
- Industry
- 16230 Manufacture of other builders' carpentry and joinery
Why it went into administration
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
BTG Financial Consulting LLP, part of the Begbies Traynor Group, was introduced to the Company by Barclays Bank plc (“Barclays”) and first met with the Directors on 2 October 2017 in order to assess the Company's financial positon. Based on an initial review and limited financial information available, the Company appeared to be in a difficult financial position. It was agreed with Barclays that a more comprehensive review be undertaken to fully establish the Company’s position.
Foliowing this review, it was apparent that the Company was insolvent on both a balance sheet and cash flow basis. Consequently, a decision was taken to file a Notice of Intention to Appoint an Administrator (“NOI”) to protect the business and assets in preparation of a marketing exercise of the same.
The Directors agreed to sign the NOI, however, a winding-up petition had been issued against the Company. \t was therefore necessary to liaise with the solicitor acting for the petitioning creditor in order to have the petition withdrawn, as was required prior to the Directors filing the NOI. The petitioning creditor agreed to withdraw the petition as the debt was previously settled by way of contra and an application was made to withdraw the petition.
Administrators' statement of proposals (2018-01-03) · Companies House register