WL Realisations Limited (SC232653): administration
- Status
- Administration ended
- Administration began
- 2023-06-29
- Administrators
- Alistair Mcalinden, Blair Carnegie Nimmo
- Administrators' firm
- Interpath Advisory
- Formerly
- Wilkies Limited
- Incorporated
- 2002-06-12
- Location
- Glasgow
- Industry
- 47710 Retail sale of clothing in specialised stores
From the administrators' statement
In late May 2023, as the financial position of the Company continued to deteriorate, the Directors considered their strategic options. By this time, there was a backlog of creditors and, if it were to continue trading, the Company would have required to secure additional funding in early July 2023 in order to purchase new season stock for Autumn/ Winter trading.
The Company’s existing bank had no appetite to provide new lending and the shareholders were not willing to inject additional capital. On 7 June 2023, Interpath were engaged by the Company to seek third party debt and / or equity investment. Interpath had known the Company’s Directors for a number of years, having been introduced at a retail sector seminar, although prior to this assignment, Interpath had never been engaged by the Company.
Details of Interpath’s advisory work is provided in Appendix 5 - Statement of Insolvency Practice 16 Statement, which has already been circulated to creditors.
Administrators' statement of proposals (2023-07-12) · Companies House register