Green Car Hire Ltd (11933424): administration
- Status
- Administration ended
- Administration began
- 2020-03-06
- Administrators
- Kevin Ashley Goldfarb, Stephen Hunt
- Administrators' firm
- Grant Thornton
- Incorporated
- 2019-04-09
- Location
- London
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- Management failings / irregularities
- Rising interest rates
From the administrators' statement
The Company was incorporated on 9 April 2019 and traded in sale of used cars and light motor vehicles.
The Company traded from 51 Elmshurst Crescent London N2 OLN (“the property”). The freehold of the property is owned by the local Authority and the leasehold is owned by the director. | have not seen any formal agreement for the Company to occupy the property.
The Company entered into a Debenture agreement with Oliver Weldon and Fasil Nasim (“the investors”) on 30 July 2019 providing fixed and floating charges over the company’s assets. The investors loaned a total of £800,000 to the Company with an interest rate of 2.25% per month. 44 The funds were provided on the basis of information provided by the director regarding the potential growth of the business. This included bank statements, collateral sheets and exchanges regarding vehicle purchases with clients. The investors requested sales invoices, but these were never received.
Administrators' statement of proposals (2020-05-19) · Companies House register