Peerless Camera Company Limited (01294280): administration
- Status
- Administration ended
- Administration began
- 2015-02-17
- Administrators' firm
- Opus Restructuring
- Incorporated
- 1977-01-14
- Location
- Milton Keynes
- Industry
- 90030 Artistic creation
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The Company was originally established in 1976 to service the animation industry As industry demands changed during the 1990s, the Company became directly involved in digital imaging technology with the installation of Europe’s first flame compositing system Peerless was considered to be one of the most established visual effects houses in Europe The Company offers a range of VFX services to the global feature film and broadcast industry From inital concept and design through supervision to final execution of shots, Peerless had a pool of highly experienced talent, producing exceptional work to match the creative vision of their cents The Company was managed by visual effects supervisor, Kent Houston and head of visual effects, Drew Jones However, Kent Houston ts the sole director of the Company He Is also a 75% shareholder in the Company with the remaining 25% of shares held by Terence Gillam
The Company had suffered losses per the management accounts of approximately £311,500 for the period ending 28 October 2014 In addition, the Company had received a demand from HM Revenue & Customs (‘HMRC’) for unpaid PAYE/NIC of circa £491,000 which it was unable to pay As such the Company was deemed to be insolvent and there was a real prospect that HMRC would issue winding up proceedings against the Company
Following the initial meetings in October 2014, Opus regularly liaised with both the director and the Company's bankers, Barclays Bank Plc (‘Barclays’), to ascertain an accurate summary of the Company’s financial position Barclays hold a fixed and floating charge over the Company's assets At the date of my appointment it Is estimated that there 1s no outstanding liability to Barclays Prior to my introduction to the director in October 2014, | confirm that neither my partner, Timothy John Edward Dolder, nor | had any prior involvement with the Company or its director
Administrators' statement of proposals (2015-04-26) · Companies House register