# Hotcha Group Ltd (10344358)

> Why UK company 10344358 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/10344358

- **Status:** Administration ended
- **Administration began:** 2017-10-18
- **Administrators:** Simon Robert Thomas, Arron Simon Kendall
- **Administrators' firm:** Moorfields
- **Incorporated:** 2016-08-24
- **Location:** London
- **Industry:** 64209 Activities of other holding companies n.e.c.

## Why it went into administration

- HMRC / tax arrears
- Over-expansion / investment not recovered
- Cash flow / liquidity pressure
- Sustained trading losses
- Management failings / irregularities

## From the administrators' statement

The expansion of the Companies’ business had been partly funded by loans from GLAS Trust Corporation Limited (‘the Secured Creditor”) which totalled £7.5m. Security for the loans had been provided in the form of debentures conferring fixed and floating charges over the Companies’ assets and undertaking.

HL submitted a VAT return for the quarter ended December 2016 which indicated that a significant refund of VAT was due. HM Revenue & Customs (“HMRC”) undertook a VAT inspection and formed the opinion that false information has been included within the VAT return. The VAT refund was not paid to HL

As a consequence of these events, in February 2017, the Secured Creditor issued a breach letter in respect of the loan facilities and indicated that it required repayment. Over the period from May to August 2017, the Secured Creditor received payments totalling £5.2m from director Jian (James) Liang, who acquired an interest in the security granted by the Companies

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/10344358/filing-history/MzE5MzU3NTYzOGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/10344358

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