Big Yellow Films Limited (07592730): administration
- Status
- Administration ended
- Administration began
- 2014-08-29
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2011-04-05
- Location
- London
- Industry
- 59111 Motion picture production activities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
The Company entered into an agreement with an associated company, Medient Unstoppable Limited ("MUL’), to produce a film, Storage 24 In mid 2013 HMRC deemed all receipts from MUL as being subject to VAT which resulted in a VAT lability of over £700,000 plus interest and penalties The Company was unable to pay the VAT liability as corresponding monies due from MUL were delayed The Company also expected a tax credit refund in excess of £530,000 from HMRC which remains be approved Consequently, HMRC commenced recovery proceedings and issued a winding up petition against the Company scheduled to be heard on 1 September 2014 In the circumstances, the secured creditor, Pankaj Rayani, demanded repayment of his loan of over £561,000 and determined to appoint administrators Mr Rayan approached Begbies Traynor (Central) LLP and Notice of Appointment of Administrators was filed in the High Court on 29
August 2014
Administrators' statement of proposals (2014-11-05) · Companies House register