Caithness Stone Industries Limited (SC117088): administration
- Status
- Administration ended
- Administration began
- 2013-06-10
- Administrators' firm
- RSM
- Incorporated
- 1989-03-30
- Location
- Aberdeen
- Industry
- 08110 Quarrying of ornamental and building stone, limestone, gypsum, chalk and slate
Why it went into administration
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated in 1989 and was involved in the excavation and, wholesale supply of stone. The Company suffered a significant loss in 2012 as a result of the write off of a debt due by an associated company, Caithness Beef & Lamb Limited (CBLL) which was placed in Administration. The Company could not continue to operate within existing bank facilities and was unable to agree alternative funding arrangements. The bank borrowings were called up by the Qualifying Floating Charge Holder and following non payment the Company was placed in Administration.
It should be noted that the management accounts have not been verified for accuracy and therefore may not reflect the Company's true trading position. In particular, whilst the debt due by CBLL was written off in the statutory accounts and this has not been reflected in the management accounts.
On 10 June 2013, |, together with Thomas Campbell MacLennan, was appointed Joint Administrator of the Company by the Qualifying Floating Charge Holder. The appointment permitted the Joint Administrators to take any actions required either jointly or alone.
Administrators' statement of proposals (2013-08-05) · Companies House register