Peerless Digital Imaging Limited (06871230): administration
- Status
- In administration
- Administration began
- 2024-02-16
- Administrators
- Joseph Walter Colley
- Administrators' firm
- Opus Restructuring
- Formerly
- Dominion Digital Imaging Limited
- Incorporated
- 2009-04-06
- Location
- London
- Industry
- 59120 Motion picture, video and television programme post-production activities
Why it went into administration
- HMRC / tax arrears
- COVID-19
- Creditor pressure / legal action
From the administrators' statement
The Company has generally been trading profitably but in recent periods has been carrying legacy HMRC debt. After surviving the impact of the COVID-19 pandemic the Company generated a profit of £250k in the period to 28 February 2023.
The Writers Guild of America strike between May to September 2023 had a devastating impact on the film industry with the Company’s operations having essentially ceased in that period. The SAG-AFTRA strike, combined with the former strike, caused a further downturn for the film industry. Since the industry had fully re-opened, the Company won good contracts in place up to April 2024 and is in negotiations for a large project to commence in the Summer.
HMRC are the Company's largest creditor. A demand from HMRC issued in July 2023 stated a debt of £673k. On 23rd November 2023, HMRC petitioned for the winding-up of the Company although this was adjourned.
Administrators' statement of proposals (2024-04-21) · Companies House register