Details have emerged on the administration of Jongleurs Comedy Live with new evidence blaming creditor pressures, unpaid debt and cash flow problems for the insolvency. The business was bought by Jongleurs Corporate Ltd on 9 September 2015. Administrators from Cirrus Professional Service were called in on the same day.
HMRC Winding Up Petition Lodged
Documents reveal that the administration was triggered by a trading loss of £70,000 in the 12 months leading to 31 December 2014. About £200,000 was invested which was not sufficient to cover losses and payments to comedians and HMRC. An extra £100,000 was invested into the business between January and February 2015, but after breaching a payment order, HMRC warned it would take action against Jongleurs. A winding-up petition was lodged by HMRC on 27 August in a bid to recover £240,000 in unpaid tax.
Managing Director Muhammad Anas reportedly said:
“We have very close and personal relationship with the comedians and speak to them on regular basis via their forum or individually. I was in Swansea to finalise the launch of Jongleurs and we are on schedule of our launches next year for regular shows.”
Winding-up Petition Solicitors
If you have received a winding up petition our legal experts are able to provide legal advice and representation. Our team of solicitors and barristers can obtain a court adjournment; CVA’s or successfully challenge the validity of the winding up petition to ensure that the petition is dismissed, often without public advertisement.