Eldmere Nominees Filing Ltd (13811433): administration
- Status
- Administration ended
- Administration began
- 2024-03-19
- Administrators' firm
- Opus Restructuring
- Formerly
- Foundy Ltd; Startup DEN Ltd
- Incorporated
- 2021-12-21
- Location
- Milton Keynes
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
In August 2023, Joe Lewin gave a personal guarantee on a loan advanced by Rocking Horse Solutions UK Limited, in respect of an R&D claim due from HMRC, in order to fund working capital. However, after the Company’s seed funding round collapsed, it fell into arrears with trade creditors by December 2023.
HMRC’s decision to launch an enquiry into the Company’s R&D tax credit claim put further pressure on cashflows. Following a referral from the advisory firm, Plan D, the Company
sought initial advice from Opus on 4 December 2023, while still attempting to seek further funding to continue to trade. Formal restructuring advice was then sought from Opus on 21 December 2023, where it was identified that a potential pre-pack Administration process would be suitable and should provide the best outcome to creditors under the circumstances. All solvent investment opportunities had fallen away by this point.
Administrators' statement of proposals (2024-05-30) · Companies House register