Gextech Holdings Limited (05345765): administration
- Status
- Administration ended
- Administration began
- 2011-06-03
- Administrators
- John Christopher Sallabank, Paul Robert Boyle
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Incorporated
- 2005-01-28
- Location
- Reading
- Industry
- 7415
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
From the administrators' statement
We understand that in November 2010 PAG was removed as a Director of the Company with immediate effect PAG’s guarantee to KMC in respect of the December 2009 loan has now been called by KMC and ts the subject of litigation between those parties PAG has sought to obtain the Court’s approval to include the Company as a party to that litigation, which if successful would have incurred further additional tegal costs.
PAG retains a shareholding in the Company and he also holds 23,000,000 unexercised options arsing from the provision of the guarantee in December 2009 KMC holds 40,000,000 unexercised options that he agree to take in lieu of the 10,000,000 fully paid up shares he was originally promised by PAG The existence of these options and the dilutive effect proved a barrier to third party investment into the company
On 14 January 2011, James Maskey became a Director of the Company.
Administrators' statement of proposals (2011-06-24) · Companies House register