Onsite Services (Aberdeen) Ltd. (SC386535): administration
- Status
- Administration ended
- Administration began
- 2015-07-14
- Administrators
- Lindsey J Cooper, Paul Dounis, William Duncan
- Administrators' firm
- Baker Tilly Restructuring and Recovery
- Incorporated
- 2010-10-06
- Location
- Edinburgh
- Industry
- 24530 Casting of light metals
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
- Bad debts / customer insolvency
From the administrators' statement
The business was heavily exposed to changes in the oil and gas sector in the Aberdeen area. The fall in the global oil price between September 2014 and January 2015 significantly impacted on the number of orders being received as local businesses sought to carefully manage their own cost base and cash flow through the postponement or cancellation of certain projects that made use of the company’s offering.
The director of the business took his own steps to reduce costs and manage the company’s cash flow on the expectation that the oil price would recover and the delayed projects would recommence. This included the late or non payment of a number of creditors, including H M Revenue & Customs, while the company worked to recover from the loss of trade.
Accordingly, a Notice of Intention to appoint Administrators to Onsite Services (Aberdeen) Limited was filed with Peterhead Sheriff Court on Wednesday 17 June following the failure to secure an acceptable “time to pay arrangement” with H M Revenue & Customs. At this point, the Director determined that the Company could not meet its liabilities as and when they fell due and that insolvency was unavoidable.
Administrators' statement of proposals (2015-09-10) · Companies House register