Digi Vision Group Limited (04847949): administration
- Status
- Administration ended
- Administration began
- 2019-09-11
- Administrators' firm
- Quantuma
- Formerly
- Digivision CCTV Limited
- Incorporated
- 2003-07-28
- Location
- Watford
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
3.1 Quantuma LLP were initially approached by the director, Mr Mike Cullen on 19 June 2019 regarding liquidity issues. When Ultimate Finance Group Ltd withdrew their facility at short notice on 23 August 2019, there was no time to source alternative financing and the Companies had no option but to cease to trade immediately as no further funding was forthcoming or available. Consequently, the Company did not have sufficient cash flow to pay the staff and continue trading the business as well as pay liabilities due.
3.2 It was deemed that the Company was insolvent as it was unable to pay its liabilities as and when they fell due. The directors therefore took the decision that the Company would have to cease to trade and that all employees were to be made redundant.
3.3 On 30 August 2019, the director ceased trading the business and all staff were made redundant. Evolve IS, specialist ERA consultants were instructed by the Company to provide assistance to employees in respect of claims in connection with redundancy entitlement owed to them, and also review and collect the Company’s records. On review of the Company's records.
Administrators' statement of proposals (2019-11-07) · Companies House register