Tiuta International Limited (05826007): administration
- Status
- Administration ended
- Administration began
- 2012-07-05
- Administrators' firm
- BDO
- Incorporated
- 2006-05-23
- Location
- London
- Industry
- 74990 Non-trading company
Why it went into administration
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
Tiuta International Limited was incorporated on 23 May 2006 as a 100% subsidiary of Tiuta Plc The Tiuta Group (“the Group”), headed up by Tiuta Plc, is an estabtished provider of bridging finance products in the UK market.
In June 2008 an unregulated collective investment scheme known as the Connaught Income Fund, Senes 1 (“the Senes 1 Fund” or “the Fund”) was launched by Connaught Asset Management Limited (“CAM”). Connaught Administration Services Limited (“CAS”) was appointed as the General Partner, Capita Financial Managers Limited was appointed as the Fund Operator (subsequently replaced by Blue Gate Capital Limited in September 2009) and Bank of New York was appointed Trustee. The Company was appointed as the Specialist Partner.
The Fund raised money from investors which was made available to the Company as the Specialist Partner to draw down and on-lend to short term borrowers All loans were to be secured by way of fixed charges over the underlying properties with a sub-charge over the loan registered in favour of the Fund. By December 2010 the Fund had raised £120m of which £108m had been drawn and on-ltent by the Company
Administrators' statement of proposals (2012-08-29) · Companies House register