3F Pellets Limited (09819856): administration
- Status
- In administration
- Administration began
- 2023-02-22
- Administrators
- Andrew James Pear, Milan Vuceljic
- Administrators' firm
- Moorfields
- Incorporated
- 2015-10-12
- Location
- London
- Industry
- 32990 Other manufacturing n.e.c.
From the administrators' statement
Moorfields was initially introduced to the Company after being approached by the Secured Creditor in June 2022. Tne Company’s loan facility with the Secured Creditor had matured and the Secured Creditor sought advice on exit options.
It was determined that a review of the Company’s options would be required under a tripartite engagement with Moorfields, the Company and the Secured creditor, in order to determine the solvency of the Company and the potential restructuring of its debt. Hilco Appraisal Limited were instructed as a part of this engagement for the purpose of appraising the Company’s assets.
The Board of Directors ultimately decided not to enter into the engagement. As a consequence, the Company continued to be unable to service its debt for a substantial period of time and did not propose any mechanism for repayment of the Secured Creditor’s debt.
Administrators' statement of proposals (2023-05-01) · Companies House register