Tradewise Group of Companies Limited (08787722): administration
- Status
- Administration ended
- Administration began
- 2022-01-21
- Administrators
- Steven John Parker, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Formerly
- Footco 1 Limited
- Incorporated
- 2013-11-22
- Location
- Milton Keynes
- Industry
- 64205 Activities of financial services holding companies
Why it went into administration
- Parent or group failure
- Regulatory change or action
From the administrators' statement
Trevor Binyon of Opus Restructuring LLP (‘Opus’) met with the directors of the TWIS on 29 December 2021 to discuss the financial situation of the Company and the options available. This resulted in a formal instruction on 13 January 2022 by the directors to place the TWIS into Administration with a view of achieving a pre-packaged sale of its business and assets.
Due to the Wisdom Software licence (‘the Licence’) being held in TGOC, the reliance on the Wisdom Software for TWIS to continue to trade, and the financial reliance of the Company, it was decided to place the Company would into Administration, with a view of achieving a simultaneous pre-packaged sale.
On 21 January 2022, the directors of the Company appointed Trevor John Binyon and Steven John Parker as Joint Administrators of the Company under Paragraph 22 of Schedule B1 of the Insolvency Act 1986.
Administrators' statement of proposals (2022-03-18) · Companies House register