HE Software Limited (07024901): administration
- Status
- Administration ended
- Administration began
- 2013-01-22
- Administrators
- Garry Wallace Lock, Ian Malcolm Donald Graham Cadlock
- Administrators' firm
- Quantuma
- Incorporated
- 2009-09-21
- Location
- Brighton
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 21 September 2009 and was initially setup by the directors to hold software and IT licences but was subsequently used as a vehicle to acquire the business and assets of Intelligentia Limited from tts Administrators in December 2011 Following the acquisition, the Company operated as an IT solutions business providing business intelligence, data warehousing and enterprise performance management solutions The Company primarily operated within the niche market of higher education but also operated a number of defence industry related contracts
We were introduced to the Company by its solicitors, ODT, and met with the Company directors Mick Bull and Keith Morton on 30 November 2012 The information provided at this initial meeting Indicated that the Company was experiencing significant creditor pressure and was insolvent due to an inability to pay Its creditors as and when they fell due HM Revenue & Customs had issued the Company with a demand for unpaid PAYE arrears in the sum of £60,228 confirming that distraint proceedings would be initiated by 3 December 2012 if the debt was not settled
The Company had no working capital available to make payment to HMRC or any other creditors The Company operated a factoring facility with Pulse Cashflow Finance Limited (“Pulse”) but the agreed facility had been exceeded resulting in no prospect of securing additional advances The directors including the former director, Mr Spicer, had all provided significant financial support to the business throughout 2012 but were unable to provide any additional funding to meet existing liabilities
Administrators' statement of proposals (2013-02-21) · Companies House register