Hilight Research Ltd (12369871): administration
- Status
- Administration ended
- Administration began
- 2024-09-06
- Administrators
- Trevor John Binyon, Paul M Davis
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2019-12-18
- Location
- Milton Keynes
- Industry
- 71121 Engineering design activities for industrial process and production
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
HMRC presented a winding up petition in January 2024, for the significant arrears outstanding of c£1.15 million, relating to PAYE tax. The arrears were due to settled upon receipt of the sales proceeds from the proposed sale of the Company’s business and assets to the overseas consortium.
After a number of adjournments of the proposed Hearing for the petition, the Director approached Opus Restructuring LLP in August 2024 for advice on alternatives to a Compulsory Liquidation. The rationale for proceeding with an Administration, as opposed to a Compulsory Liquidation, was that the estimate outcome for HMRC would be better in an Administration.
HMRC allowed for the last Hearing for the petition to be adjourned again to enable the application for an Administration Order to be heard. HMRC then consented to the Administration at the adjourned Hearing on 6 September 2024, and subsequently, Paul Michael Davis and Trevor John Binyon were appointed as Joint Administrators.
Administrators' statement of proposals (2024-11-02) · Companies House register