Gather International Limited (11842758): administration
- Status
- Administration ended
- Administration began
- 2024-05-31
- Formerly
- Gather Holdings Limited; Digital Income Limited
- Incorporated
- 2019-02-22
- Location
- Leigh-on-Sea
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
During 2023, as loans from the Future Fund started to mature, the Future Fund appears to have adopted a policy of opting for repayment under Section 6(b) rather than allowing the loans to convert under Section 5(a){iv). This policy was formally confirmed on the British Business Bank website, by no later than 23 June 2023, with the publication “FAQs in relation to Maturity of Future Fund CLA”, the first question reads:
What happens if the company’s Loan has not converted by the Maturity Date?
The Future Fund and the Other Lenders each have the right to elect to be repaid their Loan together with the Redemption Premium on the Maturity Date. Subject to where the Future Fund has agreed to grant an extension (see below for details), the Future Fund will elect to redeem all outstanding Loans where a company has not undertaken a Qualified Financing, Non-Qualified Financing round or an Exit transaction by the Maturity Date
Administrators' statement of proposals (2024-08-01) · Companies House register