Human Resource Ventures Limited was established in 2017 to provide temporary recruitment services. It traded from its premises in Stratford-Upon-Avon and had a turnover of c£2 million last year. The company experienced cash flow difficulties after having suffered the loss of a significant customer and the associated turnover which led to a depletion of cash reserves.
The company struggled to meet its obligations to HMRC and, as a result, HMRC presented a winding up petition against it. As a result of the company’s position, the secured creditor sought the appointment of the administrators. SFP’s Simon Franklin Plant and Daniel Plant were appointed on 14 October 2019.
Following their appointment, the Joint Administrators established that the company’s business and assets had already been transferred to another entity. Agents were instructed to undertake a valuation of the business. Discussions commenced with the entity who had taken over the business and assets and a settlement was completed on 18 October 2019.
The Joint Administrators’ strategy ensured that the transfer of company’s business and assets was regularised and ensured that realisations from the Company’s assets were maximised.