Bitt Film Company Limited (08854316): administration
- Status
- Administration ended
- Administration began
- 2014-09-26
- Administrators' firm
- FRP Advisory
- Incorporated
- 2014-01-21
- Location
- London
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 21 January 2014 as a special purpose vehicle for the purposes of developing, producing, and distributing a film set in East London, based on the novel entitled Bone tn the Throat (“the Film”) Based on the production budget, a financing plan which met the $2 9m strike price of the budget was agreed with four potential sources of funding
Although the funding had not yet been formalised, and with the agreement of the four funding parties, the Film started pre-production in February 2014 and at this stage was funded entirely by loans from Dignity Film Finance Limited (“Dignity”), one of the four funding parties
Shortly before principal photography was due to start one of the funding commitments failed to materialise As a result, Upload Finance Limited (‘UFL”), one of the other sources of finance, agreed that their Investment would be via a bridge financing arrangement whilst the Company sourced further funding, and thus allowing filming to continue in the knowledge that funds would be available to pay the cast and crew. Furthermore UFL agreed to finance the second two weeks of principal photography and Dignity agreed to finance the first two weeks
Administrators' statement of proposals (2014-11-24) · Companies House register