MM CAM Limited (05049075): administration
- Status
- Administration ended
- Administration began
- 2019-07-05
- Administrators' firm
- Kingston Smith & Partners
- Formerly
- Camco One Limited; Compact CAM Limited; Promenade Trading 1 Limited
- Incorporated
- 2004-02-19
- Location
- London
- Industry
- 82911 Activities of collection agencies
Why it went into administration
- Management failings / irregularities
From the administrators' statement
Upon the Company separating from its prior group, the reconciliation of funds received in relation to the CAMAs was outsourced to a sub-contractor in Northern Ireland. The directors retained the duties of the day-to-day running of the business and responsibility for all banking matters.
The directors advise the Company ran relatively smoothly until September 2018, when it fell victim to a fraud resulting in two outgoing payments totalling $170,000 to an unauthorised account. This caused a significant problem for the Company. The directors instigated an insurance claim, which the Administrators shall follow-up.
Following this, the directors advise the sub-contractor increased its costs while income was falling. The directors claim various mistakes were made which caused complications and delays with payment to clients. These issues could not be reconciled and the sub-contractor was dis-instructed in February 2019.
Administrators' statement of proposals (2019-09-07) · Companies House register