General Consolidated Limited (09518135): administration
- Status
- In administration
- Administration began
- 2022-04-21
- Administrators
- Nicholas Barnett
- Administrators' firm
- Libertas Associates
- Incorporated
- 2015-03-30
- Location
- Bushey
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1 Following a number of accounting and payment concerns in regard to the repayment of the secured lending and interest due thereon, a number of information requests were. made in accordance with the underlying facility agreement.
3.2 It would seem that information disclosed as a consequence of the request was not of sufficient standard to meet criteria agreed, and this then prompted further additional enquiries. As a consequence of these enquiries the Secured Creditor became concerned as it appeared that further breaches in the agreement were occurring.
3.3 The Director of the Company strongly disagreed with the analysis of the position and moreover felt that the Company had a claim against the Secured Creditor for breaches of its own terms and conditions. A claim in respect of the same was duly lodged.
Administrators' statement of proposals (2022-06-21) · Companies House register