Medina Management Limited (04890331): administration
- Status
- Administration ended
- Administration began
- 2017-12-11
- Administrators
- Kenneth William Touhey
- Administrators' firm
- Total Asset Recovery
- Incorporated
- 2003-09-08
- Location
- Worthing
- Industry
- 56102 Unlicenced restaurants and cafes
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
From the administrators' statement
Although the business’s cash flow during the period of 2017 was improving, and the company was able to pay current creditors as and when they fell due, the Director had difficulty in repaying older debts such as outstanding VAT and Loan Accounts due to insufficient working capital.
On 16 November 2017, HMRC issued a Walk-In Possession Notice for an outstanding liability of circa. £50,000 in respect of arrears of VAT.
Although the Director managed to make small payments on account to HMRC by way of personal funding, the company could not obtain a cash injection to pay the liability in full.
Administrators' statement of proposals (2018-02-12) · Companies House register