Geniusto (UK) Ltd (12991836): administration
- Status
- In administration
- Administration began
- 2026-08-10
- Administrators
- Peter Kubik, Paraskevi Iacovou
- Administrators' firm
- Insolvency Practitioners of Uhy Hacker Young
- Incorporated
- 2020-11-02
- Location
- London
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
Two of the four Company directors first approached UHY Hacker Young LLP on 12 June 2026 to seek advice regarding the options available to the Company, as they were concerned that the Company was insolvent, experiencing significant cash flow difficulties and was unable to meet its payroll obligations. An initial meeting was held on 15 June 2026, during which the directors advised that these issues had arisen as a result of a substantial unpaid balance due from the Company's Singapore group company in respect of development work undertaken by the Company. This had led to increasing creditor pressure and severe cash flow constraints.
The proposed Joint Administrators were further advised that the Company had accumulated significant liabilities, relating to costs incurred in developing and supporting the group's software platform, and was also subject to an ongoing dispute concerning ownership of the software intellectual property. As outlined above, various funding options had been explored, however, no viable funding solution could be secured, and the Company was unable to obtain the working capital required to continue trading.
A review of the Company's position demonstrated that there was insufficient funding available to allow trading to continue whilst seeking a purchaser for the business and assets. Accordingly, the directors concluded that the Company was unable to pay its debts as and when they fell due and resolved to place the Company into Administration. On 10 August 2026, Peter Kubik and Paraskevi lacovou of UHY Hacker Young LLP were appointed Joint Administrators of the Company by Matthew Edmunds, a director of the Company, following two board meetings at which a resolution to appoint administrators was duly passed.
Administrators' statement of proposals (2026-09-28) · Companies House register