From the administrators' statement

Santander UK Plc (‘the Bank”) hold a debenture incorporating fixed and floating charges over the assets of the Company, created on the granting of various facilities to the Company

In October and November 2014, the Bank notified the Company that it was in breach of the terms of the debenture as book debt receipts were being paid Into Company bank accounts held with other banks in direct contravention of the terms of the facilites provided to the Company The Bank gave the Company notice that future receipts were to be directed to the designated bank accounts operated with the Bank by the Company in line with the terms of the facilities

On 12 December 2014, the Bank made formal demand for repayment of all loans outstanding to tt from the Company However, repayment was not forthcoming

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Greenfield Metals Limited (04864837)

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