SFP, the nationwide insolvency practitioner, has been appointed Administrator to Ecolite Limited after the company accrued debts of £80,000, which includes an amount owed to Her Majesty’s Revenue & Customs (HMRC).
Ecolite has an annual turnover of approximately £1 million and offers various computer services from its Chipping headquarters in Gloucestershire.
SFP’s Simon and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association (IPA) – were appointed Joint Administrators on 5th October 2011.
Four out of every five instructions by SFP in 2011 have cited debts to HMRC as a reason for struggling, and businesses need to be mindful of the amount of cash available to keep themselves afloat, says Simon Plant, Group Partner at SFP: “Provisions should always be in place for the tax bill so businesses can avoid pitfalls like this.
“Ecolite has run into cashflow difficulties and we are currently in discussions with various interested parties for a sale of the business as a going concern.”