The company faced unpaid debts of more than 拢1m, including 拢500,000 from HM Revenue & Customs.
The loan from South Yorkshire Investment Fund (SIYF), which is backed by Yorkshire Forward and the European Regional Development Fund, was to fund the expansion of a business described by the fund manager as "well managed".
TASC, based on the Dore Industrial Estate in Sheffield, began as a diamond drilling and concrete cutting specialist in 1998 and later diversified into fire protection solutions
The 拢300,000 investment in June 2009 was TASC鈥檚 second loan from SIYF, after the company received 拢385,000 in 2006 to support a management buyout.
Managing director Steve Copley said at the time of the second loan: 鈥淭his latest investment of 拢300,000 is a wonderful boost for the business - it鈥檚 helping us to move into bigger premises on the industrial estate and in turn, expand our target market.
鈥淪YIF have always been there to help us, they鈥檝e been brilliant. They are always positive with us and I think that during these difficult economic times that鈥檚 a huge asset - SYIF give longevity to companies across the region.鈥�
SYIF portfolio manager Debbie Sorby said at the time: 鈥淭ASC is a well established and well managed business with a strong reputation in the industry for good quality and service.聽 The business has a good customer base together with a strong sales pipeline for the coming year.鈥�
On 25 February insolvency practitioner Christopher Wood from Cleckheaton-based Clough Corporate Solutions was appointed administrator.
A spokeswoman for Clough Corporate Solutions said that more than 拢1m of claims had been received from creditors so far. SYIF is also listed as a creditor but has not yet submitted a claim.
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