Duecourse Ltd (09205274): administration
- Status
- Administration ended
- Administration began
- 2017-07-14
- Administrators
- Mark John Colman, John Malcolm Titley
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2014-09-05
- Location
- Preston
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated on 5 September 2014. The current directors are Paul Haydock, Timothy Borden and Jonathan Grove. The principal shareholder is Paul Haydock who holds 5,200 shares equivalent to 35% of the issued shares.
The Company latterly traded from a flexible coworking space at 101 Princess Street, Manchester, M1 6DD. The principal trading activity of the Company was development of software. The Company had 11 staff including the three directors. The Company's main offering as at the date of Administration was an automated online and mobile application invoice financing tool.
Duecourse IF Limited ("DIF") is a wholly owned subsidiary of the Company. DIF operated in conjunction with the Company, obtaining finance which was then utilised by the Company via distributions to clients who had utilised the website / application of the Company. DIF has a £2million facility with a company based in Gibraltar. After a client has repaid funds to DIF, the Company would receive a commission in respect to book debt and the balance would be utilised by DIF to repay the finance facility. The directors have advised, that the £2million facility provided to DIF contains cross guarantees from the Company in the event of non-payment by DIF.
Administrators' statement of proposals (2017-09-01) · Companies House register