I've not bothered looking at their accounts recently, only the creditors list above, but I see nothing to suggest that their MO was anything unusually bad. They were buying in stock on credit terms (where they could get credit) and then selling the stock.
So what did for them? Well, barring any intentional mismanagement/fraud (and I should make clear that I see no evidence of any such thing) then I'd suspect that it's the usual things:
(1) Under-capitalisation, which leads into (2).
(2) The types of poor customer service that we've heard so much about in connection with them. Specifically these are (a) not taking on service work when they were apparently supposed to, (b) taking an excessive amount of time to provide refunds, and (c) claiming that watches were in stock when they were not.
All three of those customer service traits tend to suggest lack of adequate funding and thus trying to scrimp through with customer funds and trade creditors' funds.
As far as I am able to see here, there is no substantive evidence of a crime.
As for voluntary liquidation, the directors are obligated to cease trading when they know that the company cannot meet its financial commitments as they come due. If no more funds were available (i.e. no more loans, no more investment, no more extended credit terms, etc.) then it would seem that that point was reached so the directors (or director singular, if I remember correctly from when I last looked[1]) had to liquidate the company.
Footnote:-
1:
https://forum.tz-uk.com/showthread.p...=1#post5192170