White Eagle (Europe) PLC (06203814): administration
- Status
- Administration ended
- Administration began
- 2013-03-01
- Administrators
- Michael James Wellard, Roderick John Weston
- Administrators' firm
- Mazars
- Incorporated
- 2007-04-04
- Location
- London
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Bad debts / customer insolvency
From the administrators' statement
• The Company was founded in April 2007 and specialised in pre-paid plastic cards, e-wallets, epayments and mobile commerce It was also an approved Mastercard and VISA member service provider and owned its own retail card known as “Freedom Mastercard” and was capable of building branded cards and accompanying websites for other businesses
e¢ The Company had historically been funded by the main shareholder and Director, Mr Warren Hardy (“WH”) and a connected company, Investrock The funding had been by way of loans, making WH/Investrock the largest creditor at approximately £3 7m
• The Company was part of an integrated system with multiple regulated Financial Partners that it had contracts with One such party was Transact Networks Limited (“TNL”) that were an “‘emoney” issuer on behalf of the Company TNL had been paying the Company commission, however, it advised that, due to a change 1n 1ts terms, it would require that funds be held by them as a guarantee It therefore stopped making the relevant commission payments causing the Company to experience cash flow difficulties and the Director and Investrock advised that they could no longer provide the necessary support the Company In addition, due to the dispute, TNL refused to take on new programmes or clients onto the Company’s and TNL’s issuing platform
Administrators' statement of proposals (2013-04-03) · Companies House register