UK Piling Specialists Ltd (11134588): administration
- Status
- Administration ended
- Administration began
- 2019-06-04
- Administrators
- Christopher Brooksbank, Dean Anthony Nelson, Nicholas Charles Osborn Lee
- Administrators' firm
- PKF
- Incorporated
- 2018-01-05
- Location
- Cleckheaton
- Industry
- 43130 Test drilling and boring
Why it went into administration
- Rising costs / inflation
From the administrators' statement
In November 2018, the Company entered into two engagements with Smith Cooper to prepare an Estimated Statement of Financial Position ("ESOFP") and cash flow with a view to negotiating a settlement of the loan with the Administrators of PPS and subsequently DAM.
Smith Cooper determined in November 2018 that the Company was insolvent and was unable to repay its debts. | am still reviewing the position with regard to the Company’s insolvency at that time given that the principal creditors have informed me that they were not pursuing the Company for repayment at that stage.
In January 2019 DAM confirmed to Smith Cooper that it was not prepared to accept a lower settlement figure in respect of its debt. In March 2019 the Company offered repayment of 35 pence in the pound to PPS and DAM, which offer was rejected by both creditors. Accordingly on 13 May 2019 the director instructed Smith Cooper to place the Company into administration with a view to trading the business and marketing the business and / or its assets for sale.
Administrators' statement of proposals (2019-09-07) · Companies House register