Administration · 27 October 2023
M Igoe
Civil engineering · Wincham · North West England
What happened
M IGOE LIMITED (company number 01884462), incorporated in 1985, entered administration on 27 October 2023. Its status at Companies House is now: administration.
Why it failed
Covid-era fixed-price contracts caused losses; in 2023 higher rates cut housing demand, customers slowed work and delayed payments, and the overdraft was breached with no further director funding available.
- Main reason: Market downturn
- Clients not paying or failing
- Delays
- Covid-19
- Cost inflation
- Losses on contracts
- Cash flow
Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.
An administrator, a licensed insolvency practitioner, takes control of the company to try to rescue it, sell the business or get a better result for creditors than a liquidation.
Timeline
The last accounts and payment report before the failure, then what happened, with the time between each.
31 May 2022
Last accounts filed were made up to this date
17 months later
27 October 2023
Administration started
AccountsPayment reportInsolvency
Before it failed
Key figures
- Owed to unsecured creditors (estimated), as at 27 October 2023
- £5.9m
- of which trade creditors £3.6m. HMRC owed £69k. Expected return to unsecured creditors: prescribed part only
- Administrators' proposals (includes £1.6m of directors' loans)
The last accounts filed were full accounts made up to 31 May 2022, 17 months before it went into administration.
The full filing history, including any late filings, charges and director changes, is on Companies House.
Lessons learned report
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