Thu, 20 Sep 2012 | ADMINISTRATION
Silvigen Limited, a North Humberside based producer and supplier of biomass fuels for use in the power industry sector, has been forced [url http://www.business-sale.com/businesses-in-administration.html/]into administration[/url] this week after failing to meet debt repayment obligations with creditors.
The company was established in 2005, as a consultancy service to the power industry on fuel processing and biomass fuel supply. In 2006, the company successfully completed trials designed to perfect the processing of wood into a suitable fuel for co-firing in coal-fired power stations. Early successes helped Silvigen Ltd secure various contracts with major UK power generators to supply them with a variety of biomass fuels.
The company has since seen profits plummet and debts rise as the cost of its fuel development processes rise. A look at the company's last [url http://www.business-sale.com/business-data-plus.html/]filed accounts[url] show that it has a negative net worth of -£2,787,867 with total liabilities in the region of 4,107,026.
Christopher M. White from The P&A Partnership has been appointed administrator for the business, however there has been no comment released yet to indicate what actions will be taken next.
The Business Sale Report will update this story as more information regarding the administration becomes available.
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