Ps25037 - Appointment of Administrators Tender - 117679290

Procurement Summary

Country: United Kingdom

Summary: Ps25037 - Appointment of Administrators for Innovate Uk Loans

Deadline: 22 May 2025

Posting Date: 15 Apr 2025

Other Information

Notice Type: Tender

TOT Ref.No.: 117679290

Document Ref. No.:

Competition: ICB

Financier: Self Financed

Purchaser Ownership: Public

Tender Value: GBP 240000

CPV Classification

79100000 - Legal services

Purchaser's Detail

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Tender Details

The final date and time for the submission of bids is Thursday 22nd May 2025 at 11:00 hrs DO NOT apply directly to the buyer. All tender information MUST be submitted through the Jaggaer eSourcing Portal. Brief Description of Requirement At present the IUKL loan portfolio consists of around 260 businesses with an overall exposure of £219m. Due to the early-stage nature of the businesses in the portfolio the expectation is that a considerable number will not be successful in achieving their objectives and will ultimately be unable to repay their innovation loan as planned. If a company is in debt and cannot pay the money that it owes it will typically be placed into administration. To facilitate this process there will be an appointment of an administrator either by the directors, a creditor or the court to fulfil the administration process. To date there have been 41 businesses in the IUKL portfolio that have entered administration, however in all bar one of these cases the administrator has been appointed by the company themselves when they have filed for administration. The exception to this was for a potential fraudulent case and the administrators were appointed from the previous panel that IUKL had. Whilst there is currently the provision for IUKL to appoint an administrator under the terms of the debenture noted above, there is not the necessary process in place for an administrator to be appointed directly by IUKL. Therefore, the current issue is logistical rather than...

Documents

 Tender Notice