FB Rentals Realisations Limited (SC507471): administration
- Status
- Administration ended
- Administration began
- 2024-03-15
- Formerly
- Balgownie Rentals Limited
- Incorporated
- 2015-06-03
- Location
- Aberdeen
- Industry
- 77320 Renting and leasing of construction and civil engineering machinery and equipment
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
On 4 March 2024, Richard Bathgate of Johnston Carmichael LLP was initially approached by the Company’s managing director to provide advice on the options available to the Company, as it was possibly at risk of becoming insolvent in conjunction with the related entity, Balgownie Limited. At that time it was hoped that a new equity investor could be found to provide additional cash to provide short-term liquidity and capital to strengthen the balance sheet of Balgownie Limited.
On 13 March 2024 Richard Bathgate met the Company’s managing director after it became clear that new equity investment for Balgownie Limited was not going to be available. At that meeting a range of options were considered and discussed, including the matters below.
The Company's managing director advised that he had very recently identified a significant funding requirement in Balgownie Limited which had not been previously known to him.
Administrators' statement of proposals (2024-07-30) · Companies House register