ICD Energy Group Limited (11267231): administration
- Status
- Administration ended
- Administration began
- 2023-03-17
- Administrators
- Richard Pinder, Anthony Milnes
- Administrators' firm
- Leonard Curtis
- Formerly
- ICD Energy Metering Ltd
- Incorporated
- 2018-03-21
- Location
- Chesterfield
- Industry
- 43220 Plumbing, heat and air-conditioning installation
Why it went into administration
- HMRC / tax arrears
- Loss-making contracts / project overruns
From the administrators' statement
The Joint Administrators would like to draw your attention to Section 2 of the SIP16 Report, which was issued to creditors on 23 March 2023 and is also attached at Appendix M, which provides background information regarding the Company and events leading up to the Joint Administrators’ appointment.
It should be noted that the Company purchased the business and assets of ICD Energy Limited (CRN: 09935988) by way of pre-packaged administration in May 2018. Richard Pinder and Sean Williams, both of Leonard Curtis, were the appointed administrators. The insolvency of ICD Energy Limited was a result of costs on a fixed price contract being exceeded which eroded the margin and resulted in cashflow issues and a build-up of liabilities. The directors at the time sought to agree a Time to Pay Arrangement with HMRC in an attempt to alleviate the pressure being exerted on the business by its creditors. However, a contractor served notice terminating a contract and the directors were therefore unable to commit to a repayment proposal with HMRC.
Given the time that has elapsed between the previous administration of ICD Energy Limited and the Administration of the Company, it is not perceived that there is a self-review threat.
Administrators' statement of proposals (2023-05-19) · Companies House register