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Insolvency News

Administrators of K2 Thermal Imaging Ltd Seek Buyers for the Business – UK

August 5th, 2016 : by Cliff Sanderson

K2 Thermal Imaging Ltd, which trades as Halo Thermal Imaging, is up for sale. The company is currently under the control of administrators Kelly Burton and Joanne Wright of Wilson Field. The administrators were appointed on July 25, 2016.

K2 Thermal Imaging manufactures thermal imaging equipment for the firefighting, marine and industrial sectors. It is based in County Durham.

Products of the company include The Halo, which is a hands-free thermal imaging camera, fire helmet SoloTI and thermal imager Aura.

Home and Retail Logistics Ltd Bought Out of Administration- UK

August 5th, 2016 : by Cliff Sanderson

Home and Retail Logistics Ltd has been purchased out of administration. The company fell into the hands of administrators Stephen Goderski and Peter Hart from Geoffrey Martin and Co on July 12, 2016.

Reportedly, the catalyst for the company’s insolvency was the decision of Sir Philip Green to sell BHS for £1 last year. BHS was the main source of income of Home and Retail and accounted for around a third of its turnover.

The assets and business of Home and Retail Logistics were bought by Europe Furniture Promotion Ltd for £135,000. The company’s only secured creditor is Pulse with £449,447 outstanding balance secured by a debenture.

Oak FM Ltd and Oak FM (Hinckley and Nuneaton) Ltd in Liquidation- UK

August 5th, 2016 : by Cliff Sanderson

Oak FM Ltd and Oak FM (Hinckley and Nuneaton) Ltd have gone into liquidation. The companies operated radio station Oak 107.

The station reportedly closed its doors amid mounting debts and advertising downturn. The liquidation left five people of the company jobless.

Ashleigh Fletcher and Gareth Rusling of Begbies Traynor have been appointed liquidators of the companies. The original Oak FM company was established on February 14, 1999.

Construction Companies Enter Liquidation – Australia

August 5th, 2016 : by Cliff Sanderson

Gary Deane Constructions Pty Ltd and DJ Builders and Son Pty Ltd have been placed into liquidation. McLeod and Partners was appointed liquidator for Gary Deane on July 14, 2016 while Oldhams Advisory was appointed liquidator for DJ Builders on July 21, 2016

Gary Deane Constructions owes around $13 million to creditors while DJ Builders and Son has debts of about $2 million. Gary Deane Constructions was founded in 1987 specialising in roads, weir, earthworks and other civil infrastructure.

Meanwhile, DJ Builders was established in 1973 by Lawrie Dorè and Greg Jenkins. The company reportedly had around $30 million turnover at its peak.

Tcg Property Developments Ltd Placed into Voluntary Liquidation – UK

August 4th, 2016 : by Cliff Sanderson

Tcg Property Developments Ltd has been put into voluntary liquidation. David Christian Chubb and Michael John Andrew Jervis from PricewaterhouseCoopers LLP have been appointed liquidators of the company on July 27, 2016.

Tcg Property Developments was established on August 15, 2011. The company reportedly had a 2013 net worth of £6,822 with £24,745 assets and £13,821 liabilities.

Liquidator Appointed to M Reddy Company Ltd – UK

August 4th, 2016 : by Cliff Sanderson

M Reddy Company Ltd has collapsed into liquidation on July 20, 2016. Hayley Maddison from Maidment Judd has been appointed liquidator of the company.

M Reddy Company was founded on September 9, 2013. It belongs to the management consultancy industry.

The company has formerly been named Crystalline (Cranfield) Group Ltd, Hpa (Cranfield) Group Limited and Crystalline (Cranfield) Ltd. It reportedly has £-270,039 net worth, with £77,429 assets and £348,479 liabilities.

Galloway Group Enters Administration – UK

August 4th, 2016 : by Cliff Sanderson

Galloway Group has entered administration on August 1, 2016. The company said it has been under pressure for some years with the conventional construction market being weak since 2012 and margins reduced.

Galloway started to trade in 1872 in Dundee specialising in acoustic enclosures and ductwork fabrication. EY has been appointed administrators of the Scottish engineering business.

The administration has reportedly left 160 people jobless.

Gatecrasher (Birmingham) Ltd Goes into Liquidation – UK

August 4th, 2016 : by Cliff Sanderson

Gatecrasher (Birmingham) Ltd has gone into liquidation. Stephen Franklin from Panos Eliades Franklin and Co has been appointed liquidator of the company.

Reportedly, the company owes unsecured creditors over £1.5m. Gatecrasher (Birmingham) was incorporated in August 2012. One year later, it purchased the assets of Gatecrasher from Duff and Phelps administrators.

A Gatecrasher (Birmingham) statement of affairs document shows that unsecured creditors of the company currently face a £1.52m shortfall.

Split The Bills Bought Out of Administration – UK

August 4th, 2016 : by Cliff Sanderson

Sheffield company Split The Bills has been purchased out of administration saving over fifty jobs. The company was in the hands of administrators Paul Whitwam and David Willis of BWC Business Solutions.

Following the administration on July 28, 2016, the assets of the company were acquired by STB 2016 Ltd. Split The Bills was established in 2010 by Ashley Tate in order to help students divide household bills equally.

The business reportedly arranges, pays and manages gas, broadband, electric, TV and water bills. The model is intended to allow students to determine the amount they are paying every month.

Half of Health Rack Stores Bought Out of Administration – UK

August 3rd, 2016 : by Cliff Sanderson

Half of the shops of health shop chain Health Rack have been purchased out of administration. The company fell into the hands of administrators Jason Elliott and Craig Johns of Cowgill Holloway Business Recovery on May 19 this year.

Health Rack offers health supplements, sports nutrition items and slimming products from stores throughout northern England. Its first store was opened in 1987 in Rochdale.

A report from the administrator suggests that the company was hit by some problems that include the development of out-of-own retail parks, declining high street traffic, internet shopping and increased staff costs.

Twenty-three employees of Health Rack were made redundant. The acquisition included 7 of the 13 stores of the company and the transfer of eleven workers.

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