Premier FX Limited (05769324): administration
- Status
- Administration ended
- Administration began
- 2018-08-13
- Administrators' firm
- PKF
- Incorporated
- 2006-04-04
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Regulatory change or action
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
3.1 Prior to PKF Geoffrey Martin & Co being consulted by the current Directors for professional advice, the Directors had already taken steps to cease trading and placed a notice on their website confirming that the Company was to be placed into a formal insolvency procedure.
3.2 The current Directors sought professional advice from PKF Geoffrey Martin & Co on 30 July 2018, and they were formally instructed on 1 August 2018 to advise in relation to the current financial position of the Company. It became apparent to the Directors that they had been receiving claims from customers which far exceeded the balance of funds they believed were currently held by the Company. The Directors were advised that a formal insolvency procedure would be expedient as it appeared that the Company was insolvent.
3.3. The Directors were faced with increasing customer contact and legal action in the period leading to the Administration Order
Administrators' statement of proposals (2018-10-18) · Companies House register