PS25037 - Appointment of Administrators for Innovate UK Loans

Description

This notice is to inform the market of intention to Procure the Appointment of Administrators for Innovate UK Loans. At present the Innovate UK 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. This procurement is to address the requirement in some cases for Innovate UK Loans to appoint an administrator and to have an existing contract in place which can be utilised when required. The administrators should be licensed insolvency practitioners based within the UK. Their duties that are required are those of an administrator for any insolvency and as per set out in the Insolvency Act, 1986. There is no commitment at this stage that the above-mentioned opportunity will proceed in its current format however at this stage, and subject to the relevant approvals this is the intention.