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Company voluntary arrangement · 19 May 2022

Mizen Design/Build

Housebuilder · London · Greater London

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What happened

MIZEN DESIGN/BUILD LTD. (company number 02032811), incorporated in 1986, entered company voluntary arrangement on 19 May 2022. Its status at Companies House is now: liquidation.

Why it failed

Gross losses from 2019 on legacy and fixed-price contracts, worsened by Covid-19 and rising material and labour costs, eroded capital and made winning new work hard.

  • Main reason: Losses on contracts
  • Cost inflation
  • Covid-19
  • Market downturn

Our summary of the reasons given in the administrators' proposals. These record the administrators' and directors' account of what happened.

The company agrees a deal with its creditors to repay some or all of its debts over time while it keeps trading.

Previously known as: VICTOR SECURITIES LIMITED, LOGICSILVER LIMITED.

Timeline

The last accounts and payment report before the failure, then what happened, with the time between each.

  1. 31 December 2020

    Last accounts filed were made up to this date

    17 months later

  2. 19 May 2022

    Company voluntary arrangement started

    11 months later

  3. 27 April 2023

    Company voluntary arrangement ended

  4. 27 April 2023

    Administration started

    13 months later

  5. 1 May 2024

    Administration ended

  6. 1 May 2024

    Creditors' voluntary liquidation started (shareholders resolved to wind up)

AccountsPayment reportInsolvency

Before it failed

Key figures

Turnover in its last accounts, year to Dec 2020
£12.2m
Accounts at Companies House
Loss before tax, year to Dec 2020
£3.2m
Accounts at Companies House
Staff, year to Dec 2020
30
Accounts at Companies House
Net liabilities, year to Dec 2020
£971k
Accounts at Companies House
Owed to suppliers and subcontractors (estimated), as at 27 April 2023
£2.1m
HMRC owed £127k. staff owed £80k. Expected return to unsecured creditors: about 0.2p in the pound
Administrators' proposals (trade creditors)

The last accounts filed were full accounts made up to 31 December 2020, 17 months before it failed.

The full filing history, including any late filings, charges and director changes, is on Companies House.

Lessons learned report

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In the news

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