City Equities Limited (02742847): administration
- Status
- Administration ended
- Administration began
- 2013-10-11
- Administrators
- Peter Kubik
- Administrators' firm
- Insolvency Practitioners of Uhy Hacker Young
- Incorporated
- 1992-08-20
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Regulatory change or action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Property / lease costs
- Sustained trading losses
From the administrators' statement
An Application was made to Court on Ground A of Regulation 6 (1) of the Regulations (Ground A), namely that the Company is, or is likely to become, unable to pay its debts.
COMPANY'S FINACIAL POSITION ~- GROUND A
The Company was incorporated on 20 August 1992 by Mark Leslie Rudland and Phillip Trevor Bass. The Company applied to the Financial Intermediaries, Managers and Brokers Regulatory Association Limited (FIMBRA) (which has now been derecognised) for a licence to trade stocks and shares as ‘Principal’ which was granted and commenced trading in November 1992 Messrs Rudiand and Bass had both worked in the broking industry for a number of years and saw this as an opportunity to run their own company rather than be employees of another.
Administrators' statement of proposals (2013-11-28) · Companies House register