Unmanned Systems Limited (09805390): administration
- Status
- Administration ended
- Administration began
- 2021-04-29
- Administrators
- Avner Radomsky, Michael Goldstein
- Administrators' firm
- PwC
- Incorporated
- 2015-10-02
- Location
- Borehamwood
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
From the administrators' statement
Unmanned Systems Limited ("the Company”) was incorporated on 2 October 2015 to develop Artificial Intelligence systems which would enable fleets of drones, robots and lol workforces to operate autonomously.
The Company was funded by number of investors and shareholders who over the years had invested significant sums of money into the Company.
Following a review of the Company’s cash flow forecasts in March 2021, the majority of the board of directors were concerned as to the solvency position of the Company on both o Cash Flow ond o Balance Sheet basis. There had recently been a number of unsecured creditors who had started to demand that the amounts outstanding would be paid to them. One creditor in particular had issued the Company with a Statutory Demand and was threatening to issue a winding up petition against the Company.
Administrators' statement of proposals (2021-05-12) · Companies House register