# Blue Cube Business Ltd (04512711)

> Why UK company 04512711 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04512711

- **Status:** Administration ended
- **Administration began:** 2017-01-27
- **Incorporated:** 2002-08-15
- **Location:** Northampton
- **Industry:** 69201 Accounting and auditing activities

## Why it went into administration

- Creditor pressure / legal action
- Management failings / irregularities
- Property / lease costs

## From the administrators' statement

Blue Cube Business Limited (“the Company”) is a small chartered accountancy practice located in Northampton. The Company carried on business providing a range of accountancy services including audit, accounts preparation, business management and a range of other financial outsourcing services. David Foster (“the Director”) is the sole director registered at Companies House. Ian Wake is a shareholder and client manager and assists with the day to day running of the Company.

In around April 2016 the Director discovered that an employee (“Rogue Employee”) had stolen funds from three clients (“the Victims”). Following a full review by the Director, it became apparent that the theft had occurred over the period from April 2012 to January 2016 and was in the region of £2.8m. The full extent of the Rogue Employee’s theft is not yet known and it may involve more of the Company’s clients. The Rogue employee resigned on |7 February 2016.

The Director first contacted my office for advice in May 2016 and a meeting was arranged for 20 May 2016. The purpose of that meeting was to discuss the options available to the Company should an insolvency process be required as a result of the Rogue Employee’s actions. At that time, the Victims claims were contingent and there was no reason to believe that they would not be paid in full from insurance funds and recoveries from the Rogue Employee.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04512711/filing-history/MzE3Mjc1MzI3M2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04512711

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.