Roadsafe Traffic Management Limited (12186245): administration
- Status
- In administration
- Administration began
- 2024-04-05
- Administrators
- Richard Cole, Steve Kenny
- Administrators' firm
- KBL Advisory
- Incorporated
- 2019-09-03
- Location
- Sale
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
3.1 The Company’s accountant, Kudos Accountants Ltd, introduced the director to KBL Advisory Limited on 7 February 2024. A review of the Company’s cash flow revealed that there would be insufficient working capital available to allow the Company to continue to trade in the short to medium term without worsening the creditor position.
3.2 The options that were considered between the director and KBL Advisory Limited are explained in detail in the SIP16 disclosure statement at Appendix IV. A pre-pack administration was considered to be the appropriate course of action and the director proceeded to formally engage KBL Advisory Limited to assist with this process on 20 February 2024.
3.3. The Company’s creditor pressure continued to build, and it had fallen into significant arrears with HMRC and trade creditors. As such, all parties considered the best course of action was to file a Notice of Intention to appoint Administrators (“NOI”) to have the required protection of a moratorium, whilst the options for the business were explored.
Administrators' statement of proposals (2024-06-03) · Companies House register