Setnet Global Ltd (07171088): administration
- Status
- Administration ended
- Administration began
- 2015-11-02
- Administrators
- Emma Bower, Gemma Louise Roberts
- Administrators' firm
- Wilson Field
- Formerly
- Travelpayer Systems Limited
- Incorporated
- 2010-02-26
- Location
- Sheffield
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 26 February 2010 under the name Travelpayer Systems Limited and initially commenced trading from the personal homes of its employees The Company subsequently re-located to its current trading address of Grosvenor House, Prospect Hill, Redditch, B97 4DQ in November 2010 The Company then changed its name to Setnet Global Limited on 31 January 2012
The Company developed and operated an internet based marketplace and financial settlement service 1e a website that was available on a closed network basis for use by various travel agents This platform provided access by travel agents to various hotels and other travel accommodation on behalf of its customers, whereby travel agents could book accommodation and make deposit payments on behalf of its chents
Once the agent placed a booking and an initial deposit was paid, the Company would monitor the process and subsequently, at a period of time prior to travel, the remaining balance would become due to the Company The Company would in turn transfer the funds to the relevant accommodation provider, applying an agreed rate of commission
Administrators' statement of proposals (2015-11-18) · Companies House register