Hollowpoint Limited (08836526): administration
- Status
- Administration ended
- Administration began
- 2015-07-27
- Administrators
- Conrad Alan Beighton, Paul David Masters
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2014-01-08
- Location
- Birmingham
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Bad debts / customer insolvency
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated in January 2014 as an installer of fire safety and general secunty equipment, including CCTV and intruder alarms At the date of administration, the Company traded from leasehold premises in Harbome, Birmingham, and employed three people, including two directors
The business operated by the Company was purchased from the administrator of an associated company, Enigma Fire and Secunty Services Limited (‘EFS’) EFS had historically traded profitably, but suffered a series of bad debts dunng the economic downtum, which forced it to move away from higher value installation works and focus on smaller, lower-nsk maintenance contracts
Unfortunately, the reduced level of tumover EFS generated from this type of work, proved to be insufficient to meet its overheads and, following the accrual of a significant crown debt, It entered into a Company Voluntary Arrangement (‘CVA’) with rts creditors on 26 September 2013 it was expected that EFS would generate sufficient income for the CVA contnbutions to be made and for tt to avoid a terminal Insolvency process, however, the additional cashflow pressure of the CVA contributions proved to be unsustainable and, on 28 May 2014, the director of EFS filed a notice of intention to appoint an administrator
Administrators' statement of proposals (2015-09-15) · Companies House register