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RSFM Realisations Limited - Liquidation report

Carl Derek Faulds and Michael Robert Fortune were appointed joint liquidators of the above-named company on 21 May 2013.

The business of the company was to assist its customers with facilities management. It worked alongside an associated company of quantity surveyors called Reeks Sinclair Limited.

Reeks Sinclair Limited was placed into administration in 2010 and RSFM Realisations Limited purchased the business previously carried out by Reeks Sinclair Limited.

RSFM Realisations Limited suffered a substantial bad debt in 2012 which had a negative effect on its budgeted cashflow going forwards. The company also lost a number of customers around this time due to a changing market and as a result them going out of business.

With the turnover of the business decreasing and cashflow difficulties being experienced the company began incurring liabilities to HM Revenue & Customs which it was unable to settle.

As a result of the problems being faced by the business the director instructed Portland to help place the company into liquidation.

As liquidators we have collected the book debts due to the company and sold the computer equipment that remained within the business.

We anticipate that the liquidation will be brought to an end in the next 12 months. Our investigations are ongoing and the likelihood of any distribution being made to the creditors of the company will depend on the outcome of these.

Creditors may access the full report here

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