From the administrators' statement

Prior to appointment, a default notice was served on the Company by Legal Ventures S.A.R.L on 07 July 2025. This notice highlighted the occurrence of certain events of default under the finance documents and indicated that the Company had failed to meet its obligations. This default triggered the enforcement of the qualifying floating charge held by Legal Ventures S.A.R.L, who subsequently appointed me as Administrator of the Company.

Following my appointment as Administrator the Directors confirmed they had secured a replacement funder to refinance the Company and replace the existing lender.

Tower Grange Capital (“TGC”) confirmed they would provide a credit facility to pay off the debt to Legal! Ventures S.A.R.L and fund ongoing legal costs via a new SPV.

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Smooth Commercial LAW Limited (09954059)

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