Ideal Modules Limited (10802357): administration
- Status
- In administration
- Administration began
- 2020-11-30
- Administrators
- Carl Stuart Jackson, Michael T Leeds, David John Standish, Richard Wragg
- Administrators' firm
- Interpath Advisory
- Formerly
- Fruitful Modules Limited
- Incorporated
- 2017-06-05
- Location
- Southampton
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
3.1 In September 2020, one of the customers issued a “pay less” notice in respect of a sizeable payment application. The impact on the ledger, financed by Bibby, was significant and Bibby instructed an independent Quantity Surveyor, Gateley Vinden, to review the position and their exposure.
3.2 As a consequence of this review, further advances were stopped and any further lending restricted. Payment from the customer was not forthcoming which put significant pressure on the company's cashflow and as a consequence, creditors could not be paid as and when they fell due.
3.3 Due to the situation with Bibby and the pressue on cashflow, the directors sought advice from Quantuma on 23 Ocotber 2020. Quantuma was subseuently formally instrcuted on 3 Novmeber 2020.
Administrators' statement of proposals (2020-12-12) · Companies House register