Riskalliance Direct Limited (07505078): administration
- Status
- In administration
- Administration began
- 2025-05-13
- Administrators
- David F Perkins, Grace Jones
- Administrators' firm
- Parker Andrews
- Incorporated
- 2011-01-25
- Location
- Norwich
- Industry
- 65120 Non-life insurance
Why it went into administration
- Regulatory change or action
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
3.1 On6 March 2025, CTI issued a statutory demand to the Company for an outstanding amount of approximately £558,000. Despite sustained efforts by the Directors to negotiate a resolution—including proposals considered standard within the industry— no agreement was reached. These discussions have been ongoing for several months, during which the Directors believed they maintained a constructive relationship with CTI.
3.2 In April 2025, the Directors held a meeting with the Financial Conduct Authority (“FCA”) to address concerns regarding the Company’s financial position and broader challenges within the insurance sector. During this meeting, the Directors also disclosed that they were actively exploring strategic options, including the potential sale of the Company's policy portfolio. While the FCA confirmed that the Company remained compliant and current with its resilience reporting obligations, the Directors anticipate that further engagement with the regulator would be necessary in the near future.
3.3 On 30 April 2025, CTI issued a formal demand letter again to the Company stating that in a payment was not received within seven days, they would proceed, without further notice, to file a winding-up petition under Section 123 of the Insolvency Act 1986.
Administrators' statement of proposals (2025-07-11) · Companies House register