# Moneything (Security Trustee) Limited (09933277)

> Why UK company 09933277 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/09933277

- **Status:** In administration
- **Administration began:** 2020-12-21
- **Administrators:** Milan Vuceljic, James Douglas Ernle Money, Andrew James Pear
- **Administrators' firm:** Moorfields
- **Incorporated:** 2015-12-31
- **Location:** London
- **Industry:** 64929 Other credit granting n.e.c.

## Why it went into administration

- Creditor pressure / legal action
- Regulatory change or action

## From the administrators' statement

The Companies were subject to litigation instigated by one of their borrowers (“the Litigant”) in December 2018. The matter was subject to out of court settlement negotiations between the Litigant and the Companies. The Companies’ solicitors believed they had reached a settlement with the Litigant which was confirmed in the High Court in December 2019. The Litigant successfully appealed this judgement at the Court of Appeal in November 2020, resulting in c. £50,000 costs being awarded against the Companies and reopening the litigation and threat of significant further liabilities. The Companies’ directors sought advice in respect of their options via Sophie Pearce, director, who contacted Moorfields on 16 November 2020 to establish the options available to the Companies. Moorfields were formally engaged by MCL on 8 December 2020 and MSTL on 18 December 2020.

On considering the position, the directors concluded that the Companies were insolvent and could not defend the litigation as well as continue the orderly wind down of the loan portfolio given the extent of their immediate and contingent liabilities. If a settlement could not be reached with the Litigant, the directors resolved it would be necessary to place the Companies into Administration.

As MCL was an FCA authorised entity, the FCA was required to consent to the appointment of the Joint Administrators. MCL and the Joint Administrators liaised with the FCA to inform them of the position. The Joint Administrators notified the FCA in writing of their suitability to act as Administrators and their belief that it was reasonably likely that an administration would achieve a better result for MCL’s creditors as a whole than would be likely if MCL were wound up. The FCA consented to the appointment on 10 December 2020. The directors of MCL subsequently prepared a Notice of intention to appoint Administrators (“the NOITA”) and filed at court on 10 December 2020. The NOITA was served on MCL’s secured creditor.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/09933277/filing-history/MzI5MTI5NjQ3NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/09933277

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.