Intelligentia Limited (05338627): administration
- Status
- Administration ended
- Administration began
- 2011-12-20
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 2005-01-21
- Location
- Reading
- Industry
- 7414
Why it went into administration
- HMRC / tax arrears
- Loss of a key customer, supplier or contract
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 21 January 2005 and traded as a small management consultancy business employing Graham Spicer (GS) and Christine Spicer as Directors and achieved a turnover of circa £50,000 per annum, The Company was initially funded under the terms of a factoring agreement with Bibby Financial Services Limited (Bibby’) and banking facilities were advanced by Barclays Bank plc (Barclays)
GS has advised that in April 2010 the Company was experiencing difficulties maintaining payments to HM Revenue & Customs CHMRC’?) In respect of PAYE and VAT. Negotiations were commenced and a time to pay arrangement was agreed and subsequently entered into However, by the time that this occurred the relationship with Bibby had become strained as it was withholding funds and as a result it struggled to maintain the HMRC payments
GS has stated that in June 2010 the relationship with a major client came to an end and resulted in a loss of projected income of £165,000 At this point Bibby appointed MCR, in a financial advisory capacity, to conduct a review of the Company’s financial position. As a result of this MCR became involved in the management of the cashflow, the relationship with Bibby and in negotiating a further payment arrangement with HMRC The latter of which was agreed by the end of August 2010.
Administrators' statement of proposals (2012-02-17) · Companies House register