Administration · 11 March 2024
Hiretest
Main contractor · Bourne End · South East England
What happened
HIRETEST LIMITED (company number 02654068), incorporated in 1991, entered administration on 11 March 2024. Its status at Companies House is now: administration.
Why it failed
Delays cut turnover from £28m to £15m; trading losses on several contracts and main contractors withholding or delaying payments then drained working capital despite two new loans.
- Main reason: Losses on contracts
- Clients not paying or failing
- Delays
- Cash flow
Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.
An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.
Timeline
The last accounts and payment report before the failure, then what happened, with the time between each.
31 May 2022
Last accounts filed were made up to this date
22 months later
11 March 2024
Administration started
AccountsPayment reportInsolvency
Before it failed
Key figures
- Owed to unsecured creditors (estimated), as at 11 March 2024
- £2.5m
- of which trade creditors £1.5m. HMRC owed £192k. a further £173k owed to its lenders. Expected return to unsecured creditors: small, about 4p in the pound
- Administrators' proposals
The last accounts filed were full accounts made up to 31 May 2022, 21 months before it went into administration.
The full filing history, including any late filings, charges and director changes, is on Companies House.
Lessons learned report
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