Cals Aviation Fintech (United Kingdom) Co. Ltd (10439099): administration
- Status
- Administration ended
- Administration began
- 2018-11-27
- Administrators' firm
- Insolvency Practitioners of CVR Global
- Incorporated
- 2016-10-20
- Location
- London
- Industry
- 64191 Banks
Why it went into administration
- Regulatory change or action
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
2.1 The business was established in October 2016 with its principal activity being investment-based crowd funding. In order to trade, the Company required a licence from the Financial Conduct Authority (“FCA”). The Company submitted their application in August 2018 with the expectation that the licence would be obtained by the end of 2018.
2.2 As the Company was unable to carry out any work with clients prior to receipt of the FCA licence, all working capital was provided by former shareholder CALS Financial Leasing Service (Shanghai) Company Ltd and current shareholders, Min Jiedong (49%) and Xindacang Group Co., Ltd.
2.3 In mid-2017, the Company sought a trading premises from which work could be conducted. Following negotiations, on 31 January 2018, the Company entered into a lease agreement at 27th Floor, The Gherkin, 30 St. Mary Axe, London, England, EC3A 8EP (“the Property”). A licence was provided for alteration of the Property and the Company subsequently instructed Artemis Interior Services Limited to undertake the interior fit out. It should be noted that the fit out was not completed and the Company never traded from this address.
Administrators' statement of proposals (2019-01-18) · Companies House register