MCE Insurance Limited (01232753): administration
- Status
- Administration ended
- Administration began
- 2023-07-17
- Administrators' firm
- Insolvency Practitioners of Crowe U.k.
- Formerly
- M.C. Edwards (Insurance Brokers) Limited
- Incorporated
- 1975-11-07
- Location
- Maidstone
- Industry
- 65120 Non-life insurance
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
Following months of sustained losses and having invested a material sum in developing and launching a new technology product (Subscribe and Ride), the Company had limited liquidity with which to meet ongoing operating liabilities.
The Company had an established infrastructure which exceeded the requirement for the number of policies under management, with 73 staff employed as at June 2023 and an insurance platform which had been specifically developed and customised to the Company’s specification.
In reaction to the liquidity pressures, the directors sought a purchaser for the business and received interest from several parties, however they were unable to complete a deal.
Administrators' statement of proposals (2023-09-15) · Companies House register