SR 2022 Realisations Limited (12261394): administration
- Status
- Administration ended
- Administration began
- 2022-07-01
- Administrators
- Hilary Pascoe, Mike Dillon
- Administrators' firm
- Leonard Curtis
- Formerly
- Scorpion Recruit Ltd
- Incorporated
- 2019-10-14
- Location
- Manchester
- Industry
- 49410 Freight transport by road
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Cash flow / liquidity pressure
- Energy costs
- Sustained trading losses
- Rising costs / inflation
- Creditor pressure / legal action
- Bad debts / customer insolvency
- Property / lease costs
From the administrators' statement
The Directors of the Company directly contacted Leonard Curtis Recovery (“LCR”) part of Leonard Curtis Business Solutions Group (“LCBSG”) for advice on 26 May 2022.
At an initial meeting on 26 May 2022, the Directors advised that the Company was experiencing cashflow difficulties due to the ongoing losses caused by the impact of the Covid-19 pandemic. A formal Options Note was provided to the Company on 15 June 2022 detailing the available options to the Company. It was concluded, that the Company was insolvent in accordance with $123 of The Insolvency Act 1986 (as amended) in so far as ‘the company cannot pay its debts as and when they fall due’ and without an injection of working capital, which is considered unlikely, it would appear that it has no alternative other than to consider a formal insolvency process.
On 17 June 2022, LCR were formally instructed to assist in placing the Company into Administration by way of signing of a formal engagement letter.
Administrators' statement of proposals (2022-07-20) · Companies House register