Totalamber Limited (04551950): administration
- Status
- Administration ended
- Administration began
- 2017-10-27
- Administrators' firm
- Alllicensed Insolvency Practitioners of HBG Corporate
- Formerly
- Galaxy Hall Limited
- Incorporated
- 2002-10-02
- Location
- Liverpool
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
By 27 September 2017, it had become apparent that the Company required funding above the level made available to it by its bank and neither the Company nor its investors were in a position to advance the necessary funding in order to continue to pay direct costs such as contractors.
HBG Corporate Ltd were instructed on 28 September 2017 and conducted a review of the Company’s cash flow on 29 September 2017, which revealed that there would be insufficient working capital available to allow the Company to continue to trade in the medium term in order for a purchaser to be found.
Prior to the Administrator's appointment, immediate emergency funding was provided by the debenture holder in order to ensure the short term going concern status of the business whilst the agents conducted the marketing process. Additional funders, Nucleus Commercial Finance Limited, were also approached on 3 October 2017, with regard to more medium to long term funding for the business but without success.
Administrators' statement of proposals (2017-12-28) · Companies House register