Prime Structural Solutions Limited (SC492056): administration
- Status
- Administration ended
- Administration began
- 2018-11-29
- Administrators
- Kenneth Wilson Pattullo, Kenneth Robert Craig
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2014-11-26
- Location
- Glasgow
- Industry
- 43999 Other specialised construction activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
Prime Structural Solutions Limited was incorporated on 26 November 2014. The Company carried on business as a construction design and certification service. It operated from premises at 12 Heatherhouse Road, Irvine, Ayrshire, KA12 8HQ.
The Company experienced cash fiow problems resulting in a Winding Up Petition being presented to Court on 2 October 2018 by HM Revenue & Customs. The main reason for the cash flow problem is attributed to one client who owed the Company a large sum of money. {t took the Company over three quarters to start to recover the debt by which time cash flow had been adversely affected. As the client debtor had failed to deliver on promises, the Company was unable to pay its debts as they became due and to protect the value of the debtors, which require a Certificating Engineer to provide the necessary SER certificates in order to ensure payments are made, the directors presented a Petition to Court on 6 November 2018 to place the Company in to Administration. Kenneth Pattulio and Kenneth Craig were appointed as Joint Administrators on 29 November 2018.
THE ADMINISTRATION PERIOD
Administrators' statement of proposals (2019-01-25) · Companies House register