Buildability (M&E) Ltd (10544553): administration
- Status
- Administration ended
- Administration began
- 2018-02-28
- Administrators' firm
- Begbies Traynor
- Formerly
- Buildability GAS Services Ltd
- Incorporated
- 2017-01-03
- Location
- Manchester
- Industry
- 43210 Electrical installation
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
The Company was incorporated in June 2015 and operated in the construction industry. The Company had previously worked on several construction sites on behalf of a number of developers using a mix of employees and sub-contractors.
On 19 June 2017, a fixed and floating charge was granted in favour of Alfandari Private Equities Limited (‘Alfandari”), and on 1 September 2017, a fixed and floating charge was granted in favour of Bibby Financial Services Limited ("Bibby"). A Deed of Priority was signed on the same day giving Bibby priority over Alfandari.
The Company entered into a factoring agreement with Bibby in relation to the debtor book, however in late 2017 they began to experience some difficulties in relation to the timing of the repayments due to Bibby. In early 2018, Jason Greenhalgh was approached by Bibby with a view to establishing whether further action needed to be taken in relation to Bibby's debt.
Administrators' statement of proposals (2018-05-03) · Companies House register