Elemental Financial Holdings Limited (10998726): administration
- Status
- Administration ended
- Administration began
- 2020-02-10
- Administrators
- Henry Nicholas Page, Christopher Laughton
- Administrators' firm
- FRP Advisory
- Incorporated
- 2017-10-05
- Location
- London
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Regulatory change or action
From the administrators' statement
CliL had agreed to fund the company for £70,000 per month until the AEMI license was granted by the FCA.
The delay in approval of the application meant that the company did not start generating revenue as anticipated and was relying on the funding support for longer than expected. An agreement in principal was reached between Kevin Neuschatz, a director of the company, and CIL to take over the funding of the company and to acquire a substantial shareholding once the AEMI license was granted. Whilst funding was made available for December 2019, a formal agreement could not be completed and the company had no ongoing funding thereafter
With no available funding for the company from January 2020 and the prospect of obtaining the AEMI license diminishing, the directors withdrew the company’s application for an AEMI license shortly before the company entered administration.
Administrators' statement of proposals (2020-04-17) · Companies House register