Collateral Sales Limited (10390419): administration
- Status
- Administration ended
- Administration began
- 2018-04-27
- Administrators' firm
- BDO
- Incorporated
- 2016-09-22
- Location
- Liverpool
- Industry
- 64999 Financial intermediation not elsewhere classified
Why it went into administration
- Regulatory change or action
From the administrators' statement
CUKL was incorporated on 17 November 2014, CSTL was incorporated on 22 September 2017 and CSL was incorporated on 22 September 2016. The Companies were based in Manchester and their registered office was previously located at 12‘ Floor, Blue Tower, Media City UK, Manchester, M50 2ST. The registered office is now at our London offices.
The Companies operated an online peer-to-peer lending platform which introduced potential borrowers to investors. Investors were able to decide the amount that they wished to invest into any particular loan. The loans were of a relatively short tenor and were secured, predominantly by property but also against a variety of other asset classes such as jewellery, vehicles or works of art. The borrowers were mostly corporate entities. The investors were mostly individuals.
As has been widely-reported, there had historically been a protracted dispute between the Companies and the UK Financia! Conduct Authority (the “FCA”) as to whether the Companies were Carrying out a regulated activity, and therefore whether they required relevant permissions from the FCA.
Administrators' statement of proposals (2018-08-21) · Companies House register