What happened
JESSELLA LIMITED (company number 05478152), incorporated in 2005, entered administration on 27 February 2023. Its status at Companies House is now: administration.
Why it failed
A major client withheld payment on near-complete contracts in late 2022, then terminated them, causing a working capital shortfall after Covid turnover falls and unrecovered fixed-price cost increases.
- Main reason: Clients not paying or failing
- Covid-19
- Cost inflation
- Losses on contracts
- 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.
Previously known as: JESSELA LIMITED, DRYWALL SOLUTIONS LONDON LIMITED, FACINGS LIMITED.
Timeline
The last accounts and payment report before the failure, then what happened, with the time between each.
31 March 2022
Last accounts filed were made up to this date
11 months later
27 February 2023
Administration started
AccountsPayment reportInsolvency
Before it failed
Key figures
- Owed to suppliers and subcontractors (estimated), as at 27 February 2023
- £6.2m
- HMRC owed £728k. a further £704k owed to its lenders. Expected return to unsecured creditors: prescribed part only, if any
- Administrators' proposals (trade creditors)
The last accounts filed were full accounts made up to 31 March 2022, 11 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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