Everycs Ltd (10014075): administration
- Status
- Administration ended
- Administration began
- 2018-09-04
- Administrators
- Julie Anne Palmer, Sally Richards
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2016-02-18
- Location
- Salisbury
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company began to experience financial difficulties as a consequence of a breakdown in the relationship between one of its directors and the largest investor. This resulted in the investor taking the decision not to invest further. The Company has never been profitable so was reliant upon investment and continued investment to fund continued trading.
The Company has always been shown to be insolvent on a balance sheet basis. Due to the negative cash flow position it is also insolvent on that basis because it is unable to pay its liabilities as and when they fell due. The primary reason for the Company's insolvency, as already described above, was the loss of continued investment from the largest investor.
Administrators' statement of proposals (2018-12-21) · Companies House register