Securing positive outcomes for stakeholders at a time of cash pressures
This $8m turnover group comprised wind and solar power installations in Chile and Europe. It was registered in Jersey with operational headquarters in Plymouth. It was AIM listed with equity investment of approximately $7m mostly institutional holders.
Financial pressure was caused by the failure of a fund-raising from a Canadian institutional investor due (allegedly) to the Brexit referendum outcome.
The Plc vehicle was placed into Administration in England under COMI rules. The AIM listing was initially maintained but a planned CVA exit was ultimately not pursued. The UK subsidiaries were placed into liquidation.
Through our efforts, the equity investment in the Chilean interests was sold to South American funds following an accelerated M&A process. CGT was paid in Chile and the Chilean secured debt (which was guaranteed by the plc) was assigned with no residual UK liability.
The preferential creditors were paid in full and a small dividend was paid to the unsecured creditors.
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Leonard Curtis is a trading style of Reach Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 09056450. Reach Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 753686. Reach Commercial Finance Limited is an authorised credit broker and not a lender. We work with a an unrestricted number of lenders to find a potentially suitable arrangement for your consideration. ICO registration ZA069234 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey. Privacy notice.
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