Trading Systems Associates PLC (03797119): administration
- Status
- Administration ended
- Administration began
- 2014-06-26
- Administrators
- Geoffrey Paul Rowley, Jason Daniel Baker
- Administrators' firm
- FRP Advisory
- Incorporated
- 1999-06-28
- Location
- London
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 28 June 1999 and commenced trade shortly thereafter. It initially traded as a consulting services firm, specialising in financial middleware products Its business developed into a hybnid software development form offering several bespoke software and hardware products. It traded from premises in central London.
There were three products, TipOff, Apphcation Tap and Correlix. Each product was developed, marketed and serviced “in house”. The intellectual property rights for TipOff and Application Tap originally vested in the Company As the Correlx development was funded by a grant from the Israeli government, the intellectual property nights in relation to this product sat within an Israeli group entity, Trading Systems Associates (Israel) Limited.
The Company was funded from its internally generated working capital and unsecured loans from its sole shareholder, Trading Systems Associates Limited (a BVI registered entity) (the Parent”), In return for the amounts loaned, the Parent took an assignment of certain intellectual property nghts (‘IPR’). This was then
Administrators' statement of proposals (2014-08-15) · Companies House register