Ablrate Assets Ltd (08914762): administration
- Status
- In administration
- Administration began
- 2024-01-15
- Administrators
- Brian Burke, Andrew Lawrence Hosking, Sean Bucknall
- Administrators' firm
- Quantuma
- Incorporated
- 2014-02-27
- Location
- London
- Industry
- 64910 Financial leasing
Why it went into administration
- Creditor pressure / legal action
- Regulatory change or action
From the administrators' statement
In July 2022, ATCL announced its intention to wind down operations in a plan agreed with the FCA. ATCL ultimately became cash flow insolvent as a result.
The Company incurred enforcement costs of £32,400 when taking action against borrowers. These costs were met by ATCL. Due to the financial position of said borrowers, the Company has been unable to recover those costs from them. Therefore, the Company is unable to repay ATCL.
Quantuma Advisory Limited was approached in October 2023 to provide advice in connection with the financial difficulties faced by the Company and by ATCL, and with a view to placing both companies into Administration.
Administrators' statement of proposals (2024-03-13) · Companies House register