Polaris Medical Services Limited (09929823): administration
- Status
- Administration ended
- Administration began
- 2023-04-21
- Administrators
- Sarah Megan Rayment, Benjamin John Wiles
- Administrators' firm
- Kroll
- Incorporated
- 2015-12-24
- Location
- Manchester
- Industry
- 86900 Other human health activities
Why it went into administration
- HMRC / tax arrears
- Competition / price pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Pension deficit
From the administrators' statement
Kroll first became involved with the Company on 20 March 2023 following an introduction by BFS. Kroll had an initial meeting with the Company’s accountants and a follow up meeting with the directors of the Company on 22 March 2023.
The Company had entered into an invoice discounting facility with BFS, however there was little room in the facility and given the level of creditor pressure the Company was facing, it was unlikely that it would be able to source further funding or investment.
Further detailed information on the events leading to the Administration is detailed at Section 4. Appointment
Administrators' statement of proposals (2023-05-12) · Companies House register