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...
Cooling targets for renewable energy use set out in new EU directive
European Commission aims for at least 32 per cent of total EU energy use to come from renewable sources by 2030; specific annual commitments established for cooling and heating installations
US Supreme Court rejects hearing for HFC phasedown appeal
Senator warns failure to consider reinstating an earlier EPA regulation to restrict HFC use in cooling undermines US climate change adaption measures and risks hurting technology exports
FETA calls for mandatory qualifications in bid to reduce F-Gas emissions
Trade association welcomes government response to Environmental Audit Committee report but says it ‘lacks conviction’ on emissions reduction
Former FETA and BRA chairman John Austin-Davies announces retirement
Decision marks an end to a 40-year career working in commercial cooling that also focused on pushing for new approaches to training to tackle major cooling industry challenges
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.