Drefyc (2024) Realisations Ltd (12184449): administration
- Status
- Administration ended
- Administration began
- 2024-07-02
- Administrators' firm
- Azets
- Formerly
- Cyferd Ltd
- Incorporated
- 2019-09-02
- Location
- Milton Keynes
- Industry
- 62012 Business and domestic software development
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
As the Company was debt orientated in the beginning of its life-cycle due to focusing heavily on the development of the software as its primary asset, the Company continually encountered cashflow issues. In addition to this, ongoing issues regarding funding exacerbated the cash flow issues, which in turn caused delays in the development of the Cyferd platform and then delays in getting it to market. Customer sales suffered as result of such delays and the Company began to face a cyclical funding and cash flow issue, eventually leading to an inability to meet its debts as they fell due from HMRC and trade creditors.
As a result of the Company’s financial position, Marco Piacquadio and Alan Coleman of FTS Recovery Limited, Ground Floor, Baird House, Seebeck Place, Knowlhill, Milton Keynes, MK5 8FR were appointed Joint Administrators of the Company by the Qualifying Floating Charge Holder (“QFCH”), being BGII Origination (in its capacity as security trustee for the BGII Group), on 2 July 2024. The Administrators are authorised to act jointly and severally in the Administration.
A moratorium under Part A1 of the Insolvency Act 1986 has not been in force for the Company at any time within the period of 2 years ending with the day on which the Company entered Administration.
Administrators' statement of proposals (2024-09-18) · Companies House register