LTF3 Limited (08951362): administration
- Status
- Administration ended
- Administration began
- 2016-05-27
- Administrators
- Matthew Richard Meadley Wild, Phillip Rodney Sykes
- Administrators' firm
- RSM
- Incorporated
- 2014-03-20
- Location
- Henley-on-Thames
- Industry
- 64929 Other credit granting n.e.c.
Why it went into administration
- Sustained trading losses
- Parent or group failure
From the administrators' statement
Shortly after incorporation, on 30 June 2014 the Company entered into a secured term loan facility with GLI Finance Limited ("GLI") for the amount of £1,500,000, in order to provide sufficient cash flow for its capital solutions lending On 29 September 2014, the Company entered into a further facility agreement for a total principal amount not exceeding £4,500,000 By 8 July 2015, the facility had increased to £4,870,000 (plus interest)
With the agreement of GLI, in October 2014 the Company transferred £1,000,000 from the facility to LTF, as an unsecured inter-company loan, with no formal agreement between the two companies This was to enable LTF to repay another lender
In March 2015 a further £1,000,000 was transferred to LTF, apparently, according to LTF’s records, to repay the same lender This transfer was on the basis that £1,000,000 of performing loans were to be
Administrators' statement of proposals (2016-07-28) · Companies House register