From the administrators' statement

The Company and groups’ financial health, revenue and prospects are directly linked to the performance of the film industry, as a whole. Industrial action by actors and writers, in the second half of 2023, significantly delayed or led to the cancellation of projects on which the Company was dependent. This had a direct, materially adverse effect on the Company and Group’s financial performance.

The financial difficulties of the Parent hampered transfers between group entities. This meant the Company did not have the required funds to pay sums owed to HMRC at the time sums fell due. While the cessation of the legal proceedings and the end of industrial action helped to improve the Parent’s financial position, it continued to take time for the Parent to be able to commit further funding necessary to support the Group, including the Company.

The circumstances resulting in the Company’s inability to pay its tax arrears were explained to HMRC by Company staff on phone calls and by email correspondence from March 2024 onwards. A payment plan was agreed between the Company and HMRC to enable the Company to pay its arrears on a timeline that was acceptable to HMRC. Unfortunately, although the Company attempted to adhere to this plan, its own liquidity continued to be reliant on fluctuating inflows. The Group had been awaiting a significant equity financing injection, which would stabilise its finances. However, in the meantime it continued to depend on relatively small and erratic inflows.

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13823300 Limited (13823300)

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