Tokenhouse VB Limited (09711892): administration
- Status
- Administration ended
- Administration began
- 2020-09-04
- Administrators
- Paul David Allen, Anthony Collier
- Administrators' firm
- FRP Advisory
- Formerly
- VAT Bridge 7 Limited; Triple C Money Limited; Collect Your Invoice Limited
- Incorporated
- 2015-07-31
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
The Company failed to repay the loan of £6,453,000 (or any part of it or the interest due) on or before 11 May 2020. As such, V1iSP considered that the Company's failure to pay constituted a breach of the repayment terms of the Facility Agreement and an “Event of Default” had occurred and that the Company was liable to repay the full loan and the interest due. .
On 29 May 2020 VISP approached Ben Wooilrych and Paul Allen of FRP, upon a recommendation from V1SP’s solicitors, to seek their consent that they would be willing to act as administrators of the Company should it become necessary.
On 22 June 2020 V1SP wrote to the Company confirming that Events of Default had occurred and were continuing to occur and that V1SP demanded all outstanding obligations under the Facility Agreement and declared the August Debenture as enforceable.
Administrators' statement of proposals (2021-03-09) · Companies House register