Legion Trade Finance Limited (07336688): administration
- Status
- Administration ended
- Administration began
- 2016-05-24
- Administrators
- Paul W Barber, Paul Stanley
- Administrators' firm
- Begbies Traynor
- Formerly
- Trade Financial Limited
- Incorporated
- 2010-08-05
- Location
- Manchester
- Industry
- 64929 Other credit granting n.e.c.
From the administrators' statement
The Company was incorporated on 5 August 2010 The Company raised funds from vanous investors to provide funding facilities to its borrowers
The directors state that the Company had been performing well prior to November 2015 with a loan book of £12m However, a lack of further external funding had constrained the Company’s growth and defaults from the Company's largest borrower, Lister Petter which was a significant part of the Company's income had cmitically affected the Company's cashflow By November 2015, the directors became aware that the Company would be unable to meet scheduled debt repayments to two of the secured creditors, Thincats Loan Syndicates Limited and James Gleave/ Emma Leech which were due in February & March 2016 This culminated in a board paper and meeting on 18” November 2015 to formulate a strategy and proposals for the secured lenders Further board papers were produced in December 2015 and March 2016 to put forward repayment plans to the secured lenders in the short term and a longer term survival strategy for the Company
The directors advise that they believed negotiations with the existing secured lenders and new funders between November 2015 and May 2016 were progressing well and were confident that the Company could continue as a viable going concern
Administrators' statement of proposals (2016-07-29) · Companies House register