Goal Global Recoveries Limited (06051774): administration
- Status
- Administration ended
- Administration began
- 2024-09-04
- Administrators' firm
- Opus Restructuring
- Formerly
- Magenta One Global Limited
- Incorporated
- 2007-01-12
- Location
- Milton Keynes
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
A director of the Company initially approached Allister Manson of Opus Restructuring LLP (“Opus”) in August 2023 for advice in relation to the discovery of historic discrepancies identified within the Company’s systems. Following a review of the Company’s financial position, Opus were instructed in an advisory capacity in April 2024 to consider the feasibility of marketing the Group as a going concern and consider the Company’s financial options going forward.
Following a review of the historic financial information and management accounts provided, the decision was made that trading for the short-term was feasible due to there being continued profitability, however it was unlikely that continuing to trade would be a viable long-term solution due to the historic issues and debts identified. In June 2024, Opus were instructed to proceed with placing the Company into administration due to, inter alia, the Group’s Australian entity also being placed into administration.
Subsequently, agents were instructed to value the business to determine if there would be a market to sell the Group as a whole.
Administrators' statement of proposals (2024-11-12) · Companies House register