CSDM owed almost £1.4m to creditors when it went into administration

Companies House records show that £740,282 was owed to companies owned by fundraising agency's director Chris Stoddard and £106,077 to HMRC

Fundraising agency CSDM owed almost £1.4m to creditors when it went into administration, according to documents at Companies House.

The papers, filed by administrators Rimes & Co on 4 August, show that £740,282 of the total was owed to companies of which Chris Stoddard, CSDM’s director, is a director.

CSDM went into administration on 15 June.

Its assets were sold to two new companies, CSDM Strategic Fundraising and CSDM Fundraising Directors, which have taken on the contracts held by CSDM and will be based in the office in Ross-on-Wye, Herefordshire, from which CSDM operated.

At the time CSDM went into administration, a company spokeswoman said she expected all creditors would be paid in full.

A list of creditors in the Companies House records also shows that CSDM owed £106,077 to HM Revenue & Customs when it went into administration.

A statement of the administrator’s proposals says HMRC charged the firm £85,079 in May 2010 "in respect of a long-standing tax dispute".

The list of creditors does not include any charities.

In a section headed "Historical background and events leading to administration", the administrators say the company’s directors attributed a fall in income to the postal strike that took place last year and the Haiti earthquake that happened in January.

The Haiti disaster "resulted in a large-scale media campaign for donations to be made to that appeal, affecting the level of donations the company would normally expect to receive", the document says.

The spokeswoman for CSDM, whose customers have included Children with Cystic Fibrosis, The Pony Sanctuary, the World Medical Fund and the African Children’s Fund, said it was not able to comment on the information in the documents because the case was still in the hands of administrators.

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