Westgate Media & Broadcast Limited (05102942): administration
- Status
- Administration ended
- Administration began
- 2014-03-03
- Administrators' firm
- KPMG
- Formerly
- Westgate Media Centre Limited; Golden Management Services Limited
- Incorporated
- 2004-04-15
- Location
- Sutton
- Industry
- 60200 Television programming and broadcasting activities
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The directors of the company first approached Turpin Barker Armstrong on 1* February 2012 for advice concerning the financial position of the company The directors were referred to Turpin Barker Armstrong by their accountant, Abdul Vir! of Fairman Davis At that time the company was being funded by PBDS, a shareholder of the company (with common directors), and, whilst the company was struggling financially, it was discharging liabilities as they fell due (Since the initial meeting, Turpin Barker Armstrong has provided ad hoc advice on the company’s financial position }
PBDS continued to fund the company while it explored alternative funding options that were available to the company In the meantime, KPMG were appointed as Receivers of the suspected beneficial owner of Corbiere As a result of the Court Order, the assets of Corbiere were frozen and are being handled by KPMG
Due to the associations with Corbiere, the company’s banking facilites were terminated and, despite seeking to open bank accounts with numerous other banks and building societies, they were unable to open any accounts Naturally, this made continued trading extremely difficult and PBDS continued their financial support during this time and also opened a designated “Westgate Media Broadcasting” bank account to allow continued trade
Administrators' statement of proposals (2014-03-12) · Companies House register