Premier Cuts (Lanark) Limited (SC461439): administration
- Status
- Administration ended
- Administration began
- 2015-03-20
- Administrators
- Ian William Wright
- Administrators' firm
- Wri Associates
- Formerly
- Premier Cuts (31) Ltd
- Incorporated
- 2013-10-14
- Location
- Carnwath
- Industry
- 82990 Other business support service activities n.e.c.
From the administrators' statement
The company was incorporated in October 2013 by its director, Mary Rankin and commenced trading shortly thereafter as a meat processing facility, supplying shops, hotels and restaurants and other re-sellers.
Unaudited accounts signed by the director and lodged with Companies House indicate that the Company made a profit in the period to 31 December 2014 of £138,068 and had a net worth of £203,909 as at that date.
The company operated under an invoice finance facility provided by Easy Invoice Finance Limited (EIF). By early March 2015 EIF became concerned as to the collectability of book debts against which it had provided advances and notified the company that it had classified certain debts as "uncollectable". The director, in response, advised EIF that the company could not continue on that basis and had ceased to trade. Upon receipt of that notification, and having taken legal advice, to best protect their position, EIF took the decision to appoint an administrator to the company as a qualifying floating charge holder. As a result, lan William Wright, an Insolvency Practitioner licensed in the UK, was appointed Administrator of the Company on 20 March 2015. lan Wright is licensed by the Institute of Chartered Accountants of Scotiand.
Administrators' statement of proposals (2015-05-15) · Companies House register