Javelin Holdings Limited (10673609): administration
- Status
- Administration ended
- Administration began
- 2018-09-20
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2017-03-16
- Location
- Knowlhill
- Industry
- 22290 Manufacture of other plastic products
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
On 10 August 2018, following a meeting with the Director and senior management and a review of the Company's financial position, Opus Restructuring LLP were instructed by the Director to assist in placing the Company into Administration and to explore the prospect of achieving a sale of the business by way of a pre-packaged sale by the administrators.
lf a sale could be achieved there was the potential that asset realisation could be enhanced (particularly as continuity of trade would assist in ensuring an efficient collect out of the book debts) and that the employee liabilities arising on redundancy would be mitigated. This strategy was supported by the secured creditors.
In order to protect the business whilst the prospects of a sale were explored an initial Notice of Intention to appoint administrators ("NOI") was filed in the High Court on 13 August 2018. The NOI created a moratorium for 10 business days and protected the Company from any creditor action during the moratorium period. As the sales and marketing process required more than 10 business days to be properly explored further NOl’s were filed on 24 August 2018 and 10 September 2018 respectively.
Administrators' statement of proposals (2018-11-23) · Companies House register