The Statement of Proposals from PWC reveals that bank pulled plug before HMRC served winding-up order
The Statement of Proposals from PWC has revealed that contrary to the publicity, HMRC didn’t actually serve a winding-up order which caused the administrators to be brought in. The £58 million turnover company went into administration on October 22, but the report reveals that PWC had been in discussion since early summer with WR’s parent company Huurre Group and Icelandic bank Kaupthing.
PWC said discussions had been initiated because of the ‘difficult trading conditions’ which had led to a £1.5 million funding call to cover HMRC’s demands and amidst ‘some concerns that the underlying financial position and profitability may not be appropriately and fully reflected.’
It said that although HMRC had issued a winding up order, the company had secured an additional £2.5 million from Kaupthing in early September, subject to further funder approval while a buyer was sought. However it emerged that the company needed another £2 million to fund a sale process and it was decided by Kaupthing not to provide that further funding. Thus the bank withdrew before HMRC served the winding-up order.
You might also like...
US Kigali alignment among key priorities for incoming AHRI chair
Bill Steel has said organisation will continue under his tenure to push for the US to meet its global emissions obligations, while also looking at replacement for dropped SNAP rule
Waitrose ups the ante on F1 shelf technology by going twin-blade with the EcoBlade
Retailer to introduce Wirth’s EcoBlade twin-blade polycarbonate shelf-edge strips to reduce energy on open cabinets
AREA survey finds widespread awareness of illegal refrigerant trading
Contractors’ association calls for new controls and penalties to address concerns over the effectiveness of existing F-Gas enforcement across the EU in response to member survey
Scottish government reduces project bank account cost threshold
Previous commitment requiring project bank accounts to be used on public works in Scotland valued at over £4.1m will now apply to £2m rated contracts as part of ongoing push for payment reforms
Have your say
You must sign in to make a comment
Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions.
Links may be included in your comments but HTML is not permitted.