# K & M Moxon Limited (06810895)

> Why UK company 06810895 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/06810895

- **Status:** Administration ended
- **Administration began:** 2019-11-21
- **Administrators' firm:** Kroll
- **Incorporated:** 2009-02-05
- **Location:** Manchester
- **Industry:** 42990 Construction of other civil engineering projects n.e.c.

## Why it went into administration

- Sustained trading losses
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action

## From the administrators' statement

The main reason for the Company's failure was due historical loss-making groundworks contracts, which culminated in the Company being removed from one of its contracts due to delays and underperformance with outstanding monies from applications totalling c£300.000. This had a significant knock on effect on cash flow and the Company vacated further sites with outstanding applications of c£175,000.

The Company was funded by an invoice-discounting facility with Aldermore. The delayed and loss-making groundworks jobs significantly damaged the Company's cash flow position and accordingly limited availability of funding under Aldermore s invoice discounting facility The outstanding indebtedness under the invoice discounting agreement at the Appointment Date was £117,846. subject to interest and charges.

The Company's deteriorating cash flow position also affected the Company's ability to meet creditor payments as and when they fell due As such, a Winding Up Petition was filed on 7 November 2019, This resulted in Duff & Phelps recommending that the Secured Creditor appoint the Joint Administrators as their security allowed them to appoint Administrators in circumstances where a Winding up Petition had been issued.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/06810895/filing-history/MzI1NTIxNDQxMmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/06810895

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