SFP ADMINISTRATORS have been called to manufacturer Active Technologies after the company ran up debts it was unable to repay.
Brothers Simon and Daniel Plant were appointed joint administrators after the Northfolk-based company ran into cashflow problems after it accrued debts of about £400,000.
Active Technologies manufacturers engineering parts for the aerospace, automotive, renewables, oil and gas industries, and had an annual turnover of about £2.5m and employs 30 people.
Simon Plant, partner at SFP, cited cashflow problems as the main reason for its failure: “To survive the current downturn in the economy, it is imperative to keep an eye on finances and ensure that cash is available to keep the company afloat.
“In this case, the company is continuing to trade to maintain goodwill, and we are in discussions with a potential buyer to facilitate the sale of Active Technologies as a trading business and all of its assets.”
FRP Advisory sells business and assets of Harland Machine Systems Limited to Accraply Europe Limited
Manufacturer DMG Steelworkers has been sold out of administration in a pre-pack deal by insolvency and restructuring firm CVR Global
By threatening creditor returns, the government could undermine the UK’s World Bank insolvency ranking and cost creditors £8m a year, trade body R3 warms
Lee De’ath and Richard Toone, partners at CVR Global, were appointed joint-administrators of Lexden Centre (Oxford) Limited, trading as Colchester English Study Centre (CESC), on 29 June 2016