From the administrators' statement

The background to the appointment 1s disclosed in detail in the SIP 16 statement previously issued to all known creditors on 5 Octobe 2011 A further copy 1s attached as appencx B for ease of

reference

In summary, the company sought advice from Smith & Wilkamson Limited because its cash flow ptojections showed it was unable to make payments to its major creditors even on the best deferred terms and meet its time to pay arrangements with HM Revenue and Customs or its key suppher Goggle Recovery action by HM Revenue and Customs was likely

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Michco 1025 Limited (03919349)

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