Formal Affair Weddings Limited (09213997): administration
- Status
- Administration ended
- Administration began
- 2017-01-09
- Administrators
- Nicholas Charles Osborn Lee, Dean Anthony Nelson
- Administrators' firm
- Smith Cooper
- Incorporated
- 2014-09-11
- Location
- Derby
- Industry
- 46160 Agents involved in the sale of textiles, clothing, fur, footwear and leather goods
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Due to the events described in the Chairman’s Report in section 1.2 of this report and ultimately two of the landlords providing notice that they would be repossessing their properties and with the threat of other landlords following suit, the Director sought the advice of Dean Nelson of Smith Cooper, whom he had known through the previous Administration of FAL. Dean Nelson met with the Director on 12 December 2017, and advised the Company on the options available to it in respect of its current financial position.
It became clear that, ultimately, the Company had insufficient working capital to continue trading and to meet its habilities as and when they fell due. This meant that the Company was insolvent within the meaning of Section 123 of the Act.
Having considered the options, the Director decided that 1t would be in the best interest of the Company and its creditors to instruct this firm to assist in the filing of a Notice of Intention to Appoint an Administrator (“NOITA”). The filing of such a notice prevented the landlords from continuing with their action of repossession for a period of ten business days, and gave the Company and its Director time to consider its options. The NOITA was duly filed in the High Court of Justice, Birmingham District Registry, Chancery Division on 13 December 2016.
Administrators' statement of proposals (2017-03-14) · Companies House register