CFS (Offshore Engineering) Limited (08948151): administration
- Status
- Administration ended
- Administration began
- 2022-03-18
- Administrators
- Ian James Royle, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Formerly
- Texo CFS Limited; Complete Fabrication Services (Offshore Engineering) Limited
- Incorporated
- 2014-03-19
- Location
- Stockton-on-Tees
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- COVID-19
From the administrators' statement
The Company was incorporated in March 2014 and commenced trade (in earnest) following the acquisition of the business assets from Complete Fabrication Services Limited which was placed into Administration in March 2015.
Although ‘historically profitable, the Company struggled as a result of its acquisition and effective merger into a large Group of engineering/fabricating companies — this was compounded by its subsequent disentanglement from that agreement and latterly the COVID-19 pandemic. This was further exacerbated by a lack of orders for 2022, which had made it impossible to forecast the Company’s ability to repay its accrued liabilities whilst meeting its day-to-day overheads. Having reviewed the Company’s finances in late February 2022, the Directors were aware that the Company was now ‘balance sheet’ insolvent — the Directors were also concerned that over the following weeks, the Company would also become ‘cash-flow’ insolvent.
Administrators' statement of proposals (2022-05-23) · Companies House register