Intelligent Workspaces Ltd (09321387): administration
- Status
- Administration ended
- Administration began
- 2025-04-11
- Administrators' firm
- Begbies Traynor
- Formerly
- Intelligent Workspace Ltd; Creative Systems Ltd; Commercial Creative Systems Ltd.; Wiles Greenworld Systems Limited
- Incorporated
- 2014-11-20
- Location
- London
- Industry
- 62030 Computer facilities management activities
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
This Report should be read in conjunction with our SIP 16 Statement, attached here as Appendix 4. The SIP16 Statement provided creditors with a comprehensive account of the circumstances giving rise to the Intelligent Workspaces Ltd (“the Company”) being placed into administration and the matters that were considered for pursuing a pre-packaged administration sale of the business and assets of the Company. See below for a Summary.
The Company began experiencing significant financial difficulties due to short-term working capital challenges. These issues were compounded by the departure of key senior management personnel in early 2025 and the Company's inability to trade profitably during the 10 months leading up to January 2025.
The above events trigger the cashflow problems which coupled with the lack of available funding, increased the Company's shortfall. Accordingly, the Company started incurring debts with its creditors and a growing debt to HMRC. Without access to sufficient external funding, the Company faced mounting creditors pressure. The Company approached HMRC with a view to propose Time to Pay Arrangement (TTP) which HMRC refused and subsequently threatened a Winding Up Petition. Two creditors issued statutory demands on 20 February 2025.
Administrators' statement of proposals (2025-05-23) · Companies House register