Hawkwing PLC (07741649): administration
- Status
- Administration ended
- Administration began
- 2023-02-10
- Administrators' firm
- RSM
- Formerly
- TLA Worldwide PLC
- Incorporated
- 2011-08-16
- Location
- Brighton
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
e = In August 2021, the Company issued Convertible Unsecured Loan Note Instruments ‘CULS’ raising £16.5m, of which £13.7m was lent to IFG (SPP) for the purchase of the shares of Shade and Northcore. The funds lent to IFG (SPP) were by way of a facility agreement, secured by a fixed and floating charge. IFG provided a guarantee for the loan, in favour of the Company; however, the guarantee is subordinated to HSBC as IFG’s secured creditor.
• A bondholder of the CULS investment, Hanover, issued a statutory demand on the Company on 24 November 2022, on the back of unpaid loan note repayment. The Company applied to Court for injunction to restrain Hanover from presenting a petition against the Company, which further lead to Hanover applying to Court for an administration order.
• Asummary of the background of the Company, as well as a summary of the events leading to the appointment of the Joint Administrators can be found in Section 4.
Administrators' statement of proposals (2023-04-17) · Companies House register