VSL - Vanguard Solutions Ltd (09903584): administration
- Status
- Administration ended
- Administration began
- 2022-05-19
- Administrators
- Sean Williams, Richard Pinder
- Administrators' firm
- Leonard Curtis
- Formerly
- 8Point8 Vanguard Limited
- Incorporated
- 2015-12-04
- Location
- Leeds
- Industry
- 26309 Manufacture of communication equipment other than telegraph, and telephone apparatus and equipment
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
Following the completion of the pre-packaged sale of the Company's business and assets, the Joint Administrators sent a letter to creditors on 25 May 2022 to provide further information on the sale pursuant to the requirements of the Statement of Insolvency Practice (“SIP”) 16. A copy of the information provided is attached at Appendix M of this report.
The Joint Administrators would like to draw your attention to Section 2 of the SIP16 report, which provides background information regarding the Company and events leading up to the Joint Administrators’ appointment.
As set out in the SIP16 report the Company had incurred significant arrears with HMRC and with the strained cashflow as a result of the COVID-19 Pandemic (“the Pandemic”) and disputed debts, the Company sought advice from their accountants, Smith Craven. The accountants suggested that the Company contact LC to review options available to them.
Administrators' statement of proposals (2022-07-20) · Companies House register