Presumably one of their creditors decided enough was enough and therefore time is up - as long as that is in line with the credit arrangement that the creditor offered to CW then they can call it in and if CW can’t pay from cash or new borrowing then they have to call in administrators. You’re not allowed to trade insolvently!
I’m surprised that you think there is any case to answer. Certainly not from CW, perhaps from the CEO but that is probably clutching at straws.