Content Discovered Ltd (10179171): administration
- Status
- Administration ended
- Administration began
- 2019-10-01
- Administrators
- Nicholas Cusack, Andrew Andronikou
- Administrators' firm
- Quantuma
- Incorporated
- 2016-05-13
- Location
- Norwich
- Industry
- 73110 Advertising agencies
From the administrators' statement
3.1. As detailed in Section 2 of the Statement of Joint Administrators’ proposal, the Company was facing a number of issues that ultimately lead to the decision by the directors to seek insolvency advice in relation to the position of the Company.
3.2 The directors initially contacted another insolvency firm to consider proposals for a Company Voluntary Arrangement (“CVA”). It however became apparent that a CVA would not be viable in this situation due to the unpredictability of the Company's circumstances, as well as the PPI decline rendering future markets unstable. As a result of these factors, it was difficult for the directors to provide assurances that the necessary monthly contributions could be met in order for the CVA be successful.
3.3 Nicholas Cusack of Parker Andrews Limited was therefore contacted on 14 August 2019 by the Company’s director Jonathan Erwin to obtain further independent advice An initial meeting was held with the director, Nicholas Cusack and Andrew Andronikou of Quantuma LLP on 19 August 2019. Neither Parker Andrews Limited, Quantuma LLP, Nicholas Cusack or Andrew Andronikou, the Joint Administrators, have had any prior professional relationship with the Company, its director or its shareholders.
Administrators' statement of proposals (2019-11-04) · Companies House register