Krono Partners Limited (08399743): administration
- Status
- Administration ended
- Administration began
- 2018-09-11
- Administrators
- Gilbert J Lemon, Andrew Stephen Mcgill, Adam Henry Stephens
- Administrators' firm
- Evelyn Partners
- Formerly
- Krono Partners PLC
- Incorporated
- 2013-02-12
- Location
- Bristol
- Industry
- 64205 Activities of financial services holding companies
Why it went into administration
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
For the five years to 31 March 2018, we are advised coupon payments due to bondholders had been paid in a timely fashion, The Company defaulted on the March 2018 payment as a result of bank accounts being operated by Accounting Worx Limited’s subsidiary, Jade State Wealth Limited (which processed interest payments on the Company’s behalf}, being frozen.
The non-payment of the coupon resulted in investor frustration and threats of litigation. The Company was able to make a partial payment of the coupon due in June 2018 through the realisation of a debt due. At that time, there was no sign of the account being unfrozen and the Company did not have any realisable assets in the short-term.
Following the receipt of threats to issue proceedings against the Company, the Company sought legal advice from Keystone Law LLP. it was concluded that advice would be required on the options available to the Company and Smith & Williamson LLP were approached on 20 July 2018 to provide advice; the letter of engagement was signed on 5 September 2018.
Administrators' statement of proposals (2018-11-20) · Companies House register