XPO APP Ltd (11261011): administration
- Status
- Administration ended
- Administration began
- 2022-08-09
- Administrators
- Alan John Clark
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2018-03-19
- Location
- Ilford
- Industry
- 73110 Advertising agencies
Why it went into administration
- Funding withdrawn / unable to refinance
- Management failings / irregularities
- Regulatory change or action
- Competition / price pressure
From the administrators' statement
The Company, which was funded by investors, was unable to raise any further funding due to some irregularities with the use of the invoice financing and was unable to repay the debts due to the creditors and Sonovate Limited.
Sonovate Limited requested repayment of their indebtedness which the Company was unable to fulfil. Therefore, the QFC sought advice and instructed Carter Clark to assist with placing the Company into Administration.
Statutory information on the Company and extracts from the most recent accounts are provided at Appendix II. Please note that this information has not been verified by the Administrator or by Carter Clark.
Administrators' statement of proposals (2022-10-03) · Companies House register