Mitchells Hire Drive Limited (SC192680): administration
- Status
- Administration ended
- Administration began
- 2011-12-16
- Administrators
- Annette Menzies
- Administrators' firm
- Haines Watts Business Recovery (Scotland)
- Incorporated
- 1999-01-20
- Location
- Glasgow
- Industry
- 7110
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The company was incorporated on 20 January 1999 and traded from a number of sites that were subject to lease agreements. Its moveable assets were subject to finance agreements with Allied Irish Bank and Close Asset Finance. The company was involved in the rental and hire of vehicles.
The Director has advised that it traded successfully until May 2010 when it took the decision to novate the finance and leasing agreements in relation to the company’s assets to a company known as Mitchells Asset Management Limited ("MAM"). At this time the company was being pursued by HM Revenue & Customs (“HMRC”) and given the level of debt outstanding to HMRC it was felt that it could no longer meet its ongoing obligations to creditors. The floating charge creditor had made substantial payments to the company to assist with its ongoing obligations but this was no longer viable given the levels of debt. Eventually, a decision was taken by the floating charge holder to appoint an Administrator in order to deal with the realisation of secured assets. The Administrator was appointed by virtue of a Notice of Appointment of an Administrator by holder of a qualifying floating charge through the lodgement of Form 2.5B (Scot) by solicitors acting on behalf of the holder of the aforementioned charge on 16 December 2011 at 3.10pm.
At the time of my appointment the company was no longer trading and had no employees. Its only asset was a leasehold interest in a property at 135 Castlebank Street, Glasgow. This property had been the subject of fire damage and further investigation will be required in relation to any value it may have.
Administrators' statement of proposals (2012-02-17) · Companies House register