# MG Associates Limited (05622876)

> Why UK company 05622876 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/05622876

- **Status:** Administration ended
- **Administration began:** 2016-04-06
- **Administrators' firm:** MG Accountants
- **Incorporated:** 2005-11-15
- **Location:** Taunton
- **Industry:** 69201 Accounting and auditing activities

## Why it went into administration

- Creditor pressure / legal action

## From the administrators' statement

The Devon based company traded as a firm of accountants with offices in Dartmouth, Torquay and Kingsbridge

The Company was incorporated in 2005 and has grown by acquiring several Devon based accountancy practices over the years In 2010, the Company acquired a practice in Dartmouth Since the purchase of the Dartmouth practice the Company has been involved in litigation with the vendor of that practice The judgement in relation to the litigation was given recently and the Company was not able to pay the liability

The core business of the Company Is an accountancy practice and tt ts profitable However the costs of the case and the recent judgment mean the Company ts insolvent The Company met with Michelle Weir on 15 February 2016, to discuss the situation and consider the alternatives available

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/05622876/filing-history/MzE0NzEyNjE3MWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/05622876

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.