The really important insolvency test is cash flow - specifically, do directors of a company have a reasonable expectation that the company will have cash available to meet liabilities as they fall due. The balance sheet won't tell you that.
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Although questions are raised by the fact that at the balance sheet date Seaborne had liabilities due within 12 months of £417k and only £799 in the bank. I'm sure that when Mr Grayling was doing his DD he asked the directors to clarify its cash flow position.
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Another moderately interesting thing about Seaborne is its directors. It currently has 7. For 4 of these Seaborne is their first directorship. The other 3 are all also directors of Albany Shipping (also, as it happens, balance sheet insolvent).
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And of those 3, 2 have held multiple directorships. Keith Jones has had 6 aside from Seaborne & Albany: 2 residents' associations, 1 (I think) a school, 1 I can't figure out what it does, but it only files micro accounts, and 2 insurance brokers.
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John Sharp has had 5 directorships aside from Seaborne & Albany, all with companies involved in various ways with shipping. Of those, 3 never filed accounts (of those 3, 2 were struck off voluntarily, 1 compulsorily) and 2 went bust.
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There are at a minimum 2 things you'd look at when doing due diligence as part of a procurement exercise: the financial health of your potential supplier, and the fitness of capabilities of the executive team. There are quite a few if not red, then certainly amber flags here.
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Seaborne accounts here https://beta.companieshouse.gov.uk/company/10709921/filing-history …
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Albany Shipping here https://beta.companieshouse.gov.uk/company/08891537/filing-history …
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And list of directors here https://beta.companieshouse.gov.uk/company/10709921/officers …
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Yeah, but no. Can only assume that the induction for the work experience kids at S&M, Deloitte and Mott MacDonald who actually did the DD didn’t include “how to use the Companies House search function.”pic.twitter.com/jd2cmBg5aA
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