An administrator is proposing to bring legal proceeding under
sections 238 (transactions at an under value) and 239 (preferences) of the insolvency
ACT 1986 to recover £169,724.23 plus interest of approximately £82,000 against SME Asset Based Finance Ltd which is wholly owned by Metro Bank.
This is in respect of payments made to SME by a company
under a loan agreement to settle the liabilities of previous failed
companies. The administrator considers
the payments were made at a time when the company was insolvent and that there
was no consideration for payment.
Metro Bank, broadened its offering to business customers through the acquisition of SME Invoice Finance Limited (“SME”), which specialises in invoice discounting and factoring and cash-flow funding for businesses.
This is an interest case for a variety of reasons that RABF
is unable to fully reveal the extent of what has gone on here, especially with the
other companies referred too in the administrators report.
We believe this is the tip of the iceberg – If you have had
your company put into insolvency by SME we strongly urge you to contact RABF at
SME@rabf.org.uk
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