600000

Lot 1 - Administrator Having detailed the requirement above for IUKL to have a process in place by which they can appoint an administrator in accordance with the loan agreement if required there are some other key points to consider. The requirement is for Innovate UK Loans Limited to have the ability to appoint their own administrator in cases where a company may be entering distress/default and solicitors when legal work is required. Due to nature of this work, it is difficult to determine the volumes of administration cases that will materialise in the coming months and years. This appointment needs to be made rapidly in a matter of days rather than weeks. These key responsibilities and outputs included, but are not limited to: - Administration, Planning and Statutory Matters - Reviewing appointment and all statutory documents. - Assessing the work needed for the particular case and ensuring that adequate resources are available and ensuring that the appropriate assistance from other professionals, is obtained. - Preparing and issuing all progress reports, including receipts and payments accounts, and providing creditors with a suitable analysis of time costs accrued. - Undertaking file reviews and ensuring compliance with statutory deadlines. - Managing general administrative matters. - Investigations - Undertaking a review of the conduct of the director(s) and reporting thereon. - Reviewing the affairs, trading and transactions of the company, In order to comply with the requirements laid on the Liquidator by statute and by the appropriate Statement of Insolvency Practice Issued by the Association of Business Recovery professionals. - An examination of the company's records and transactions, particularly over the two-year period preceding liquidation. - Raising enquiries with the director(s) in relation to transactions from the Company's bank account and seeking responses to those enquiries. - Reviewing the Company's financial transactions, including those with associated parties. - Investigating matters raised by creditors where appropriate. Considering whether any action can be taken under the provisions of the Insolvency Act. - Realisation of Assets - Appointing and Liaising with Agents in respect to the sale of the Company's intellectual property. - Generally doing all things to dispose of the company's assets in order to maximise the position as regards creditors. - Trading - Post appointment trading (if required) - Creditors - Attending the meeting of creditors. - Receiving and recording all creditor claims. - Liaising with the redundancy payments office in respect of the claims of the employees and submitted forms RP.14 and RP 14a. Reviewing the claims of those employees and calculating any preferential distribution that may be due. - Reviewing the terms of the Security lodged by Innovate UK Loans Limited. Updates with the creditor concerning and distribution that may be due under that security. - Reviewing the realisations received in respect of any amounts which may become due under the prescribed part, where applicable. - Adjudication of creditor claims should a distribution become payable to unsecured creditors. - Reviewing realisations to date in comparison to creditor claims and the costs and expenses of the liquidation and issuing notice of no dividend/ notice of dividend to creditors. - Dealing with all creditor correspondence via letter, fax, email and telephone. - Case Specific Matters - Dealing with statutory and regulatory matters. - Preparing the final return and reporting to the Registrar. - Ensuring the orderly closedown and dissolution of the Company after the distribution to creditors. - Reviewing matters specific to this company which were identified post liquidation and dealing with those matters in an appropriate manner.