Reflex Recordings Limited (05972216): administration
- Status
- Administration ended
- Administration began
- 2013-12-18
- Administrators
- William John Kelly, Gareth Prince
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-10-19
- Location
- Birmingham
- Industry
- 93290 Other amusement and recreation activities n.e.c.
From the administrators' statement
The Company was formed on 19 October 2006 and held various rights to the music of UB40 Such nghts were subsequently sold to Universal Music and EMI under two separate agreements dated 6 December 2013 and 21 February 2012 Lloyds Bank Plc ("Lloyds") provided the finance to the Company to intially purchase these nghts and Lloyds took secunty over the Company's assets by way of a debenture dated 6 October 2008 together with third party security provided by band members and their spouses
Prior to the sale of the Company's music nghts being completed to Universal, Lloyds sought to enforce its third party security and three of the band member's personal properties were sold in part satisfaction of the Company's debt to the Bank. Each of the band members had previously been made bankrupt and as a result ther trustee in bankruptcy together with the band member's spouses became creditors of the Company in law as they became subrogated to the Bank's secunty as a result of these sales As a consequence of the sale to Universal, the Company’s remaining indebtedness to the Bank was discharged, leaving a balance of £330,367 held by the Company
In his capacity as a creditor of the Company, Mr A Appleyard the trustee of the affected band members, applied to court on 9 December 2013 and obtained a freezing order over the Company's assets on this date, with a return heanng to be held on 18 December 2013, at which time his Creditors’ Administration Order application was also due to be heard
Administrators' statement of proposals (2014-02-13) · Companies House register