Debt Free Direct Limited (04160038): administration
- Status
- Administration ended
- Administration began
- 2017-09-01
- Administrators
- Lindsey J Cooper, Christopher Ratten
- Administrators' firm
- RSM
- Formerly
- Lativa Limited; Ever 1502 Limited
- Incorporated
- 2001-02-14
- Location
- Manchester
- Industry
- 66190 Activities auxiliary to financial intermediation n.e.c.
Why it went into administration
- Competition / price pressure
From the administrators' statement
Accelerated Merger and Acquisition
RSM were approached by Doorway Capital Limited (‘Doorway’), the secured creditor of the Company and its parent company, Fairpoint Group PLC (“Fairpoint’) on 24 July 2017 for advice regarding recovery of the amounts due to them from the wider Fairpoint group.
Prior to this approach, the board of Fairpoint had already identified the Company as a subsidiary which could be disposed of to competitors in the market and generate funds to be utilised in the repayment of the secured lending. Announcements to this effect were issued to the stock market on 12 July 2017.
Administrators' statement of proposals (2017-10-03) · Companies House register