Mongoose Cricket Limited (06875905): administration
- Status
- Administration ended
- Administration began
- 2011-06-22
- Incorporated
- 2009-04-13
- Location
- London
- Industry
- 5190
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 13 April 2009 by Mr Marcus Codrington Fernandez (Director) Mr Daniel Peter Seaman was appointed an additional director on 4 January 2010, but subsequently resigned on 24 March 2010
Prior to my appointment the Company had sought additional investment to allow the Company to continue to trade However, as the Company had been loss making and had significant creditors to pay it was not possible to raise the necessary investment As a result of the lack of funding it was not possible to trade in Administration and if the Company had gone into liquidation the damage to the value of the intangible assets would have disadvantaged creditors
A sale of the business and assets as quickly as possible was seen as the best way to preserve value for the reasons above and because any lengthy break in the business may have been damaging to the customer base as outstanding orders could not be fulfilled and new orders could not be serviced Finally, if the small team of experienced employees were to find other employment this may also have been damaging to value
Administrators' statement of proposals (2011-08-05) · Companies House register