FB Realisations Limited (SC053574): administration
- Status
- Administration ended
- Administration began
- 2024-03-15
- Formerly
- Balgownie Limited; Balgownie Dairy Equipment Limited
- Incorporated
- 1973-07-13
- Location
- Aberdeen
- Industry
- 46180 Agents specialised in the sale of other particular products
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
On 4 March 2024, Richard Bathgate of Johnston Carmichael LLP was approached by the Company’s managing director to provide advice on the options available to the Company, as it was possibly at risk of becoming insolvent. At that time it was hoped that a new equity investor could be found to provide additional cash to provide short-term liquidity and capital to strengthen the Company’s balance sheet.
On 13 March 2024 Richard Bathgate met several of the Company’s directors after it became clear that new equity investment was not going to be available. At that meeting a range of options were considered and discussed, including the matters below.
The directors advised that they had very recently identified a significant funding requirement which had not been previously known to them.
Administrators' statement of proposals (2024-07-30) · Companies House register