L & R Trading (North West) Limited (09462375): administration
- Status
- Administration ended
- Administration began
- 2017-03-27
- Incorporated
- 2015-02-27
- Location
- Altrincham
- Industry
- 77110 Renting and leasing of cars and light motor vehicles
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 27 February 2015 and its current principal trading activities are in the field of Renting and Leasing cars and light motor vehicles.
The director has advised that the financial difficulties of the Company started around May 2016 as a result of the culmination of various factors including reduced sales levels (in comparison to acquisition costs}, VAT investigation issues and increased overhead costs occasioned by penalty charges from local authorities.
The situation subsequently worsened in November 2016 when the main supplier of vehicles to the Company (the “Significant Creditor”) applied additional pressure which resulted in an Ex-Parte Freezing Order (against all Company assets in the sum of circa £276,000) being granted.
Administrators' statement of proposals (2017-05-04) · Companies House register