The International Centre For Financial Regulation (06625422): administration
- Status
- Administration ended
- Administration began
- 2012-11-28
- Administrators' firm
- Metis Partners
- Incorporated
- 2008-06-20
- Location
- Manchester
- Industry
- 94990 Activities of other membership organisations n.e.c.
Why it went into administration
- Management failings / irregularities
From the administrators' statement
2.1 The Company was incorporated in June 2008 to provide best practice advice to compames regarding financial regulation, as well as giving training and presentations to members who paid an annual subscription fee.
2.2 In mid-November 2012, 1t came to the directors’ attention, following the Bank’s failure to authorise a payment, that the funds in the Company’s bank account did not reconcile with the Company’s most recent management accounts Upon further investigation it transpired that, despite the September management accounts indicating that the Company had cash at bank of approximately £600,000, the correct figure was nearer to £50,000.
2.3 A member of staff was immediately suspended and investigations were commenced by the management team However, with limited funds in the bank account and no certainty regarding future income, 1t quickly became apparent that the business would not be able to meet ts financial obligations as and when they felt due
Administrators' statement of proposals (2013-01-25) · Companies House register