Realisations HML 2024 Limited (07127352): administration
- Status
- In administration
- Administration began
- 2024-12-19
- Administrators
- Richard Cole, Steve Kenny
- Administrators' firm
- KBL Advisory
- Formerly
- Horizonworks Marketing Limited
- Incorporated
- 2010-01-16
- Location
- Sale
- Industry
- 73110 Advertising agencies
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
3.1 The Company’s director approached Insolvency Practitioners at KBL Advisory Limited on 24 November 2024. A review of the Company’s cash flow revealed that there would be insufficient working capital available to allow the Company to continue to trade in the short to medium term.
3.2 KBL Advisory Limited advised the director of the options available to the Company, further details are disclosed in the SIP16 statement at Appendix IV. The director considered that a pre-pack administration was the appropriate course of action and the director proceeded to formally engage KBL Advisory Limited to assist with this process on 5 December 2024.
3.3. The Company had fallen into significant arears with HM Revenue & Customs and was not in a position to discharge the liabilities owing to them in respect of VAT and PAYE. As such, all parties considered the best course of action was to file a Notice of Intention to appoint Administrator (“NOI”) to have the required protection of an interim moratorium, whilst the options for the business were explored.
Administrators' statement of proposals (2025-02-18) · Companies House register