Pro-Vision Photographic Ltd (05445515): administration
- Status
- Administration ended
- Administration began
- 2012-12-21
- Administrators' firm
- MHA
- Incorporated
- 2005-05-06
- Location
- London
- Industry
- 74209 Photographic activities not elsewhere classified
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
My firm was first contacted on 21 November 2012 following a referral from the Company's accountants Macintyre Hudson LLP An initial meeting was held with the directors on 22 November 2012 and written advice was provided on 23 November 2012
It is understood that creditor arrears had built up mainly due to high overheads in previous years and the refurbishment of the Company's premises which had been funded from cash flow HMRC had taken distraint proceedings on 19 November 2012 tn respect of PAYE/NIC and VAT habilities totalling £60,000 There were further arrears for the current tax year and so the total liability to HMRC was expected to be in the region of £100,000
There were insufficient funds available to enable the liability under the distraint to be settled and so it was ciear that st would be necessary for the Company to enter formal insolvency proceedings
Administrators' statement of proposals (2013-01-28) · Companies House register