T.I.S. Acquisitions Limited (06205093): administration
- Status
- Administration ended
- Administration began
- 2015-07-01
- Administrators
- Alastair Paul Beveridge, Anne Clare O'Keefe, Daniel Imison
- Administrators' firm
- AlixPartners
- Formerly
- De Facto 1488 Limited
- Incorporated
- 2007-04-05
- Location
- Manchester
- Industry
- 70221 Financial management
Why it went into administration
- Parent or group failure
From the administrators' statement
The Company’s assets comprise of the entire issued share capital of TIS Group Limited (TGL) and its solvent subsidiaries Absolute Assigned Policies Limited (AAP) and TEP Management Services Limited (TMS) (together the Group)
The Group offers financial services, with a historical focus on Traded Endowment Policies (TEPs) AAP acted as agent to TEP policyholders, retail investors and institutional chents TMS provides TEP valuation and administration services to institutional TEP funds
Over recent years, TEP market activity has been subdued following the onset of the credit crisis In addition, with a decrease in their popularity, the issuance of new with-profits policies fell dramatically in the 1990s This resulted in a fall of supply of new TEPs into the market and, with most policies having a lifetime of 25 years, the majority of policies have matured resulting in fewer TEPs being available for trade As a result of this, the Company has seen a significant decline in its revenue stream
Administrators' statement of proposals (2015-07-31) · Companies House register