Grassfields Limited (10010604): administration
- Status
- Administration ended
- Administration began
- 2022-10-07
- Administrators
- Michael Kiely, Andrew Andronikou
- Administrators' firm
- Quantuma
- Incorporated
- 2016-02-17
- Location
- London
- Industry
- 47710 Retail sale of clothing in specialised stores
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
3.1 Previously, the possibility of placing the Company into Liquidation was considered. A meeting of creditors had been convened by Parker Andrews, a firm of licensed insolvency practitioners, in order to place he Company into a Creditors Voluntary Liquidation. However, due to the presence of an outstanding Winding Up Petition, the resolutions due to be considered at the meeting of creditors were not passed. It was considered that an alternative course of action would better serve the interests of creditors as it would likely lead to higher realisations in respect of the Company’s goodwill.
3.2 The Company’s director was referred to Quantuma Advisory Limited by Rishi Karia of Parker Andrews on 15 September 2022 to help advise on the alternative options available for the Company.
3.3 On 27 September 2022, Quantuma was formally engaged to assist with the Administration of the Company.
Administrators' statement of proposals (2022-12-06) · Companies House register