Manchester court appoints administrators to VR studio Maze Theory Games after two years of trading
VR gaming studio Maze Theory Games Limited, formerly SWG Digital UK, entered administration on 8 May 2026 via the Manchester Business and Property Courts, with Cowgill Holloway appointed.
Information for general guidance, drawn from the public record. Not legal, financial, or insolvency advice. If you are affected by an insolvency, consult a licensed practitioner or qualified solicitor.
The Manchester Business and Property Courts appointed joint administrators to Maze Theory Games Limited on 8 May 2026, less than two and a half years after the VR gaming studio was incorporated. Craig Johns and Jason Mark Elliott of Cowgill Holloway Business Recovery took control of the business.
Administration is a formal insolvency process in which licensed insolvency practitioners take control of a company to rescue it, sell it as a going concern, or realise its assets for creditors. The appointment was sealed by the High Court of Justice Business and Property Courts in Manchester Insolvency and Companies (ChD), case number 000718 of 2026, and the authorisation was signed on 11 May 2026.
The company
Maze Theory Games Limited, which trades as Maze Theory, was incorporated on 20 November 2023 under the name SWG Digital UK Limited and renamed on 13 December 2023. Its SIC codes classify it as a publisher of video games and a developer of custom software, placing it in the VR and interactive entertainment sector.
The company's registered address is now care of Cowgills Limited, Fourth Floor, Unit 5b The Parklands, Bolton, BL6 4SD.
The administrators
Johns holds IP number 013152 and Elliott holds IP number 9496. An IP number is the licence issued by an insolvency practitioner's recognised professional body, identifying the individual practitioner. Both are licensed and their appointments have been verified. Johns is named as the lead practitioner on the case. Further correspondence is handled through the firm's offices, with Katie Parker listed as the contact at Cowgills.
Directors and officers
The directors at the time of administration were Russell David Harding, James Raphael Stewart Moore and Philip James White. Harding and Moore were both appointed on 27 December 2024, the same date on which the secured charge described below was created. White joined the board earlier, on 6 June 2024. Leonard James Findlay, who had been a director from incorporation on 20 November 2023, resigned on 27 December 2024.
Secured charge
One outstanding charge is registered against Maze Theory Games Limited. It is held by Dr Christopher M Reed, described in the register as security trustee, and was created and delivered on 27 December 2024, the same day Harding and Moore were appointed as directors. A secured creditor is one whose debt is backed by a charge over the company's assets, ranking ahead of unsecured creditors when assets are distributed.
For creditors, customers and employees
Once administrators are appointed, they issue statutory communications and payment instructions to known creditors in due course. All correspondence is conducted through Cowgill Holloway Business Recovery at the Bolton address. Creditors wishing to evidence amounts owed to them do so by submitting a proof of debt, the formal claim form used in insolvency proceedings to record what is owed.
A moratorium came into effect on appointment under Schedule B1, paragraph 43 of the Insolvency Act 1986, the part of the Act that governs administration in England and Wales. The moratorium pauses most creditor enforcement action, so creditors generally cannot start or continue court proceedings against the company without the court's permission.
Customers who hold paid-but-undelivered orders, gift cards or deposits rank as unsecured creditors in the administration. Unsecured creditors are those whose debts are not backed by a charge and who sit behind secured and preferential creditors in the distribution hierarchy.
Employees' claims for unpaid wages, notice pay and statutory redundancy are treated as preferential or unsecured debts depending on their nature. The Redundancy Payments Service, a government body, exists to meet certain statutory entitlements where a company cannot pay them directly, with the service then standing in the shoes of those employees as a creditor of the estate.
Common questions
Are you owed money by Maze Theory Games Limited?
You are an unsecured creditor unless you hold a registered charge or retention of title. The administrators will write to known creditors in due course with a proof-of-debt form and timetable for the first meeting. Until that letter arrives, no formal action is required from you. Read more about proof of debt and where you sit in the creditor hierarchy.
Did you work at Maze Theory Games Limited?
Wages owed up to a statutory cap, holiday pay, notice pay and redundancy may be claimable from the Redundancy Payments Service if the company is unable to pay. The administrators will normally coordinate the RP1 claim with the affected staff. See gov.uk: your rights if your employer is insolvent.
Do you hold a deposit, gift card or undelivered order from Maze Theory Games Limited?
Customers with paid-but-undelivered orders, gift cards or deposits typically rank as unsecured creditors. Where you paid by credit card and the amount was over £100, Section 75 of the Consumer Credit Act 1974 may let you claim from the card issuer for breach of contract or misrepresentation by the supplier; the rules apply per item, not per transaction, and the card must be a regulated credit card. Debit-card payments may be recoverable via chargeback.
Are you a director of a company connected to Maze Theory Games Limited?
Watch for Section 216 of the Insolvency Act 1986 if you intend to keep trading under a similar name in a successor company. The rule prohibits a director of a liquidated company from being involved in another company using the same or a similar name for five years, unless one of the statutory exceptions applies. Read more about Section 216.
Sources
- The London Gazette notice (code Appointment of Administrators)
- Companies House record 15294911
- Court: High Court of Justice Business and Property Courts in Manchester Insolvency & Companies (ChD),, case 000718
- Editorial standards: how we source and review; five-pass pipeline.
