Regalia Ltd (09460397): administration
- Status
- Administration ended
- Administration began
- 2018-03-13
- Administrators
- Engin Faik
- Administrators' firm
- Cornerstone Business Turnaround and Recovery
- Incorporated
- 2015-02-26
- Location
- Enfield
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1 Cornerstone was first approached for business recovery advice on 9 March 2018 and was formally instructed on that date. Following a review of its financial position, it was clear that the Company was unequivocally insolvent and that immediate steps needed to be taken to place the Company into administration.
3.2. As previously mentioned, HM Revenue & Customs had presented a winding up petition against the Company on 25 January 2018, the first hearing of which was listed for 14 March 2018. There was a real concern that, in the event that a winding up order were made (which appeared inevitable given the Company’s financial position), this would result in delays which would adversely affect the interests of creditors, particularly the holders of qualifying floating charges.
3.3
Administrators' statement of proposals (2018-05-26) · Companies House register