MGC Hayles Limited (08072881): administration
- Status
- Administration ended
- Administration began
- 2015-07-24
- Administrators
- Nicholas Charles Osborn Lee, Dean Anthony Nelson
- Administrators' firm
- SC Advisory Sevices
- Formerly
- MGCH Ltd
- Incorporated
- 2012-05-17
- Location
- Derby
- Industry
- 69201 Accounting and auditing activities
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
As stated in paragraph 12 above, the Company acquired the busimess of Hayles & Partners Limited, in November 2012
Following a series of unexpected events and the difficulties encountered in merging the two businesses, it was clear, by summer 2015, that the Company was 1n financial distress and the management team were actively seeking additional funding to support the struggling cash flow
Despite best efforts the Company was unable to secure funding and upon receipt of a winding up-petition in June 2015, from HMRC, this clearly indicated that the Company was, 1n effect, unable to pay its abilities as and when they fall due
Administrators' statement of proposals (2015-11-17) · Companies House register