MC496 Limited (02101269): administration
- Status
- Administration ended
- Administration began
- 2011-12-23
- Administrators' firm
- RSM
- Formerly
- Regent Partners International Limited; Regent Investment Banking Limited; Regent Associates Limited
- Incorporated
- 1987-02-18
- Location
- Oxford
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
21 The Company was incorporated on 18 February 1987 and tts core activity was providing corporate finance advice specialising in fundraising, mergers and acquisitions for technology chents The Company's income derived from relatively modest monthly retainers and more substantial success fees payable upon the completion of clients’ transactions The Company was regulated by the Financial Services Authority whose consent was obtained for the appointment of administrators pursuant to section 362A of the Financial Service and Markets Act 2000
22 The Company began facing financial difficulties as a result of a downturn in the levels of corporate merger and acquisition activity - caused by the liquidity crists of 2008 and the ensuing economic downturn which reduced deal flow, fee income and_ profitability Furthermore, a judgement in the French courts was made against the Company for £342,000 In relation to a claim from a former French executive who was made redundant tn 2006 and this put further strain on its cash flow
23 As a result RPI Is insolvent on a cash flow basis - being unable to meet its obligations to creditors as they fell due
Administrators' statement of proposals (2012-01-30) · Companies House register