Energy Generator Hire Limited (09111377): administration
- Status
- Administration ended
- Administration began
- 2022-01-19
- Administrators
- Michael Pallott, Adam Harris, Natasha Brodie
- Administrators' firm
- Mazars
- Incorporated
- 2014-07-02
- Location
- London
- Industry
- 77390 Renting and leasing of other machinery, equipment and tangible goods n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
Initial advice and meetings
On 13 January 2022, TC became indisposed on medical grounds leaving GC and PC in control of the Company. Given TC was integral to the continued operations of the business, the Joint Administrators were approached by GC and PC to urgently discuss the financial position and the options available to the Company in a meeting held on 16 January 2022.
During the meeting, the Joint Administrators were advised that over the period of 13-15 January 2022, an alleged unsecured creditor of the Company and landlord of one of the trading premises had removed all of the material assets from the main trading premises at Hill View Farm. Moreover, it was evident that the Company had no prospect of continuing to trade given that the amounts due to creditors could not be repaid as they fell due, some finance companies had already begun to repossess hire purchase assets and there was no working capital available. Furthermore, GC and PC had very little understanding of the operations of the business and the Joint Administrators were unable to meet with TC to discuss the Company's affairs. The prospect of a refinance was considered to be remote and in light of the risk of a winding up petition being issued against the Company, we advised the Directors that a better outcome overall for the creditors was more likely if they sought relief from creditor pressure by placing the Company into Administration.
Administrators' statement of proposals (2022-03-09) · Companies House register