Maxim Live Limited (02927938): administration
- Status
- Administration ended
- Administration began
- 2013-01-17
- Administrators' firm
- RSM
- Formerly
- Maxim Marketing Limited; Maxim Public Relations Limited
- Incorporated
- 1994-05-11
- Location
- Oxford
- Industry
- 7487
Why it went into administration
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
From the administrators' statement
The company was incorporated on 11 May 1994 and commenced trading as a multi-media communications agency
The company suffered from reduced marketing budgets as a result of the general decline in the economy as well as the loss of a significant client As a result of this, the directors proposed a company voluntary arrangement ("CVA") which was approved by the company’s creditors on 13 February 2012 The proposal provided for monthly payments from profit which, it was anticipated, would enable the creditors to be paid tn full.
Unfortunately clhents subsequently reduced their budgets further and the company was unable to meet the terms of the CVA The proposal did not aliow a variation to the terms during the first year which would reduce the dividend to creditors and gave the supervisors only one option where the CVA was to fail which was to Issue a petition to wind up the company
Administrators' statement of proposals (2013-02-15) · Companies House register