BR Thornton Limited (11270762): administration
- Status
- Administration ended
- Administration began
- 2020-02-07
- Administrators
- Rishi Karia, Nicholas Cusack
- Administrators' firm
- Parker Andrews
- Incorporated
- 2018-03-22
- Location
- Norwich
- Industry
- 31090 Manufacture of other furniture
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1. On 7 February 2020, Nicholas Cusack, and Rishi Karia of Parker Andrews Limited were appointed Joint Administrators of the Company following the filing of a Notice of Appointment of Administrators by British Thornton ESF Limited — in Administration.
3.2. Shortly prior to their appointment, the Joint Administrators were contacted by the Administrators of BTESF and a meeting was held, where the director was also requested to attend. Various information was sought and received at the meeting.
3.3. It was clear that if the Company ceased to trade minimal recoveries would be made from the Company’s book debts. Furthermore, given the appointment was being made by a qualifying floating charge holder and needed to be made as soon as possible due to increasing creditor pressure (including 2 winding up petitions having been presented against the Company), there was insufficient time to market the business and assets prior to the appointment. It was, however, initially anticipated that an unfactored book debt would be paid to the Company around the time of the appointment, which could have been used to finance trading, whilst options were further considered and evaluated. However, it was subsequently found that the amount being paid was a deposit and the work had not been commenced.
Administrators' statement of proposals (2020-04-15) · Companies House register