Resicare Limited (02576521): administration
- Status
- In administration
- Administration began
- 2023-09-13
- Administrators
- Benjamin John Wiles, Philip Joseph Dakin
- Administrators' firm
- Kroll
- Incorporated
- 1991-01-24
- Location
- London
- Industry
- 86900 Other human health activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Regulatory change or action
From the administrators' statement
On 3 July 2023, Kroll were engaged by the Secured Creditor and the Companies, to perform a limited IBR of the Companies as a result of a concern held by the Secured Creditor as the Companies had been unable to make repayments on its loan facility as scheduled. Furthermore, the Companies had failed to provide the Secured Creditor with relevant management information in a timely manner.
The IBR included a review of the Companies’ historical performance, current financial position and 12month financial forecasts and was based on the information provided by, and representations made of, the Companies’ management team. No audit of this information was undertaken.
The IBR included options available to the Secured Creditor and recommendations in respect of the Companies’ indebtedness. However, at no time during this engagement did the Joint Administrators provide advice to the Companies or its Directors.
Administrators' statement of proposals (2023-11-13) · Companies House register