VFS Legal Limited (07700234): administration
- Status
- Administration ended
- Administration began
- 2023-07-21
- Administrators
- Sarah Elizabeth Collins, Mark Granville Firmin
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Granite Pubco Limited
- Incorporated
- 2011-07-11
- Location
- Brighton
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 11 July 2011 and was wholly owned by VFSL. The Company was a specialist funder providing finance to law firms in the personal injury (“PI”) claim market using a receivables purchase model. VFS purchased the rights to contingent receivables (primarily PI claims) (the “Receivables”) from a number of third party law firms, who would utilise the purchase price paid as funding to proceed with the PI claims. The Company generated revenue from interest charges on the Receivables purchased, and the Receivables were paid following settlement of the PI claim.
The Company operated from Kingfisher House, 21-23 Elmfield Road, Bromley, Kent, BR1 1LT and used the operational services of VBOS to carry out its business activities.
Funding and financial position of the Company
Administrators' statement of proposals (2023-09-23) · Companies House register