LP Realisations Limited (11773819): administration
- Status
- Administration ended
- Administration began
- 2023-01-27
- Administrators
- William James Wright, Edward George Boyle
- Administrators' firm
- Interpath Advisory
- Formerly
- Lake Parime Limited
- Incorporated
- 2019-01-17
- Location
- London
- Industry
- 26200 Manufacture of computers and peripheral equipment
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
As referenced above, in March 2021, some existing shareholders and non-shareholder investors injected funding of $20 million into the Company, which we understand was onlent to the Company’s US and Canadian subsidiaries.
We understand that this funding was then used to purchase Bitcoin mining hardware equipment from a China-based company, Minerva Semiconductor Corp (“Minerva”). A significant portion of these assets remained undelivered at the date of administration due to what we understand to be a number of production issues. This left the Company unable to utilise the hardware it had purchased in its ongoing business.
During 2022, the price of Bitcoin dropped from c.$46,000 to c.$16,000 (-64%), leaving the Group unable to raise finance against the mining hardware that had been delivered; the asset value had decreased significantly due to its link to the price of Bitcoin.
Administrators' statement of proposals (2023-02-17) · Companies House register