Duet Capital (Holdings) Limited (06937963): administration
- Status
- Administration ended
- Administration began
- 2021-03-23
- Administrators
- Colin Hardman, Henry Anthony Shinners, Nicholas Myers
- Administrators' firm
- Evelyn Partners
- Formerly
- Mifco Leasing and Financing Limited
- Incorporated
- 2009-06-18
- Location
- London
- Industry
- 77390 Renting and leasing of other machinery, equipment and tangible goods n.e.c.
Why it went into administration
- HMRC / tax arrears
- Management failings / irregularities
From the administrators' statement
The Company was incorporated in 2009 and operates a nationwide musical instrument leasing business from its base in Ashford, Kent. The primary activity of the business is long term leasing of high value pianos and other musical instruments to educational and musical institutions. There are also two additional business lines: a rentto-own consumer musical instrument hire business and an audio-visual event production and live streaming service.
Prior to the administrators’ appointment, the Company conducted a financial analysis as part of a wider HMRC process. This analysis indicated some suspicious financial activity had been undertaken by an officer of the Company to the detriment of at least two of the Company’s lenders. Following their appointment, the administrators conducted further investigations that appeared to corroborate this suspicious activity. In particular, it appeared that Company funds may have been misappropriated and diverted to one of the Company’s officers and certain of the Company’s subsidiaries (the “Corporate Defendants”). As a result, proceedings have been issued against this officer and the Corporate Defendants (the “Proceedings”). These proceedings are at an early stage and it would be inappropriate and prejudicial to comment further on these proceedings at this stage. However, we can confirm that to limit the risk of any further potential dissipation of Company assets, a worldwide freezing order was obtained as part of the Proceedings. The administrators’ investigations and the Proceedings are ongoing. To the extent possible we will update creditors on our investigation and the Proceedings in …
Colin Hardman, Henry Shinners and Nicholas Myers are qualified insolvency practitioners and authorised and licensed by the Institute of Chartered Accountants in England and Wales. As proposed administrators, statements and consents to act were provided by them on 22 March 2021.
Administrators' statement of proposals (2021-05-25) · Companies House register