TIDMDDDD
RNS Number : 9891U
4d Pharma PLC
04 August 2022
4D pharma plc (in administration)
Publication of Joint Administrators' Proposals
Leeds, UK, August 4, 2022 , - 4D pharma plc (AIM: DDDD), a
pharmaceutical company leading the development of Live
Biotherapeutic products (LBPs), a novel class of drug derived from
the microbiome, announces that the joint administrators of 4D
Pharma plc (the "Company") have posted their statement of proposals
to the members and creditors of the Company in accordance with the
Insolvency Act 1986 and the Insolvency Rules (the "Proposals").
The Proposals, including appendices, are available to view on
the Company's website at www.4dpharmaplc.com as well as on
Interpath Advisory's insolvency portal at
http://4dpharma.ia-insolv.com . The contents of the main body of
the Proposals (without appendices, definitions, or schedules) are
set out below.
Contact Information:
4D pharma
4dpharma@interpathadvisory.com
Singer Capital Markets - Nominated Adviser and Joint Broker
Philip Davies / James Fischer (Corporate Finance) +44 (0)20 7496
3000
Executive summary
-- 4D Pharma Plc (the 'Company' or '4D Plc') was incorporated on
10 January 2014 and operates as a parent company to a group of
companies that share the 4D Pharma brand ('4D Group' or the
'Group'). The Company's shares are listed on AIM (albeit are now
suspended) and were previously also listed on NASDAQ.
-- 4D Group is a pharmaceutical group of companies developing
Live Biotherapeutic Products ('LBP'), a novel class of drug derived
from the human gut microbiome. The Group has a diverse pipeline of
development programmes in several therapeutic areas, including
gastro-intestinal, immuno-oncology, and respiratory conditions. The
Group has launched several clinical trials, some of which are
conducted in collaboration with key pharmaceutical industry
players, such as MSD and Merck KGaA.
-- To maintain its clinical trials and other research activity,
the Company recently embarked on a fundraising exercise to help
fuel the next stage of its growth. However, with significant
uncertainty currently affecting the global capital markets, the
Company was ultimately unable to progress the fundraising
sufficiently quickly to deliver the required funding into the
business.
-- Oxford Finance had concerns over the erosion of its
collateral and asserts that it did not have sufficient assurances
regarding the ongoing viability of the business.
-- Further to obtaining legal advice that an event of default
had occurred, Oxford Finance appointed administrators under its QFC
which grants enforceable security. Consequently, James Clark and
David Pike were appointed as Joint Administrators on 24 June 2022
(Section 3 - Background and events leading to the administration
).
-- Immediately following their appointment, the Joint
Administrators decided that the Company would continue to trade to
ensure the safety and wellbeing of patients currently enrolled in
clinical trials. Once this position was understood, the Joint
Administrators examined the expected short term cash flows of the
Company and its subsidiaries, as well as the potential value in
these, and decided to pursue a sale of business process, the
outcome of which is currently uncertain (Section 4 - Strategy and
progress of the administration to date).
-- Oxford Finance has the benefit of a debenture dated 29 July
2021, comprising fixed and floating charges over the Group's assets
(excluding 4D Leon). We understand that the amount outstanding to
Oxford Finance is approximately $13.9 million. Subject to a
successful sale of business outcome, we anticipate that Oxford
Finance may recover against its indebtedness in full (Section 4 -
Dividend prospects).
-- Ordinary preferential claims comprise employee arrears of
wages and holiday pay. Note that some further clarification is
outstanding as to the interplay between French employment law and
UK insolvency law, as such the exact quantum is unknown. Based on
current estimates, we anticipate that ordinary preferential
creditors should receive a dividend (Section 4 - Dividend
prospects).
-- Secondary preferential claims primarily comprise outstanding
VAT, PAYE and NIC payments due to HMRC. Based on current estimates,
we anticipate that secondary preferential creditors will recover
their indebtedness (to the extent there is one) in full (Section 4
- Dividend prospects).
-- Subject to a successful sale of business outcome, we
anticipate that there will be a dividend to unsecured creditors,
however, the quantum is currently unknown (Section 4 - Dividend
prospects).
-- We intend to seek approval of our Proposals from the general
body of creditors via deemed consent (Section 7 - Approval of
proposals).
-- We will seek approval for our remuneration, disbursements and
pre-administration costs from the relevant parties in due course,
and approval is not sought at this time alongside this report
(Section 8 - Joint Administrators' remuneration, expenses and
pre-administration costs).
-- We consider it prudent to retain all of the options available
to us, as listed in Section 9, to bring the administration to a
conclusion in due course (Section 6 - Ending the
administration).
This document in its entirety is our Statement of Proposals. A
summary list of the proposals is shown in Section 9 together with
all relevant statutory information included by way of appendices.
Unless stated otherwise, all amounts in the proposals and
appendices are stated net of VAT.
Group structure
4D Pharma Plc - in Administration ('4D Plc' or the
'Company')
The Company was incorporated on 10 January 2014 and operates as
a parent company to a group of companies that share the '4D Pharma'
brand. The Company's shares are listed on AIM (albeit now
suspended) and were previously listed on NASDAQ.
Please note that none of the Company's subsidiaries listed below
entered administration and instead continue to trade under the
control of their respective board of directors.
4D Pharma Research Limited ('4D Research')
The entity was incorporated on 15 January 2008 with its
principal activity being research of LBP drug candidates and
conduct of clinical trials using LBPs in patients. Note that 4D
Research is not subject to a insolvency procedure.
4D Pharma Cork Limited ('4D Cork')
The entity was incorporated on 6 January 2016 and focuses on
bioinformatics work using 4D Pharma Plc's MicroDx platform. Note
that 4D Cork is not subject to a insolvency procedure.
4D Pharma Delaware, Inc. ('4D US')
The entity was incorporated on 24 July 2020 in order to
facilitate the NASDAQ listing and administer payroll for US-based
employees. Note that 4D US is not subject to a insolvency
procedure.
4D Pharma León, S.L.U. ('4D León')
The entity was incorporated on 30 May 2016 further to 4D Plc's
acquisition of a CDMO facility in León, Spain, in order to
manufacture 4D Pharma Plc's drug candidates for Phase II and III
clinical trials. Note that 4D Leon is not subject to a insolvency
procedure.
Background and events leading to the administration
Background information
4D Plc and its subsidiaries are a pharmaceutical group of
companies developing LBPs, a novel class of drug derived from the
human gut microbiome. The Group has a diverse pipeline of
development programmes in several therapeutic areas, searching to
treat a number of conditions including gastro-intestinal (IBS/IBD),
immuno-oncology (pancreatic cancer, lung cancer, etc.) and
respiratory (asthma) diseases. The Group has launched several
clinical trials, some of which are conducted in collaboration with
key pharmaceutical industry players, such as MSD and Merck
KGaA.
4D Plc owns intellectual property relating to 4D Group's Phase
II Blautix asset (a clinical stage drug candidate primarily aimed
at treating IBS), in addition to acting as a sponsor for 4D Group's
clinical trials. Furthermore, as the listed parent company within
the Group, 4D Plc was responsible for raising debt and equity
funding for the Group.
As at the date of the appointment, the Company employed two
members of staff, both of whom are located in France. 4D Plc
operated from its leasehold head office premises in Leeds, also
used by some of 4D Pharma Research's employees.
Funding and financial position of the Company
Funding
The Company is publicly listed on AIM on the London Stock
Exchange, and hence was able to obtain most of its funding through
the issuance of ordinary shares. The Company raised GBP30 million
in FY20 by way of two separate fundraising rounds.
Furthermore, 4D Plc secured additional funding of $20 million
from Oxford Finance on 29 July 2021, which was to be delivered in
two tranches of $12.5 million and $7.5 million. In exchange, Oxford
Finance obtained security in the form of a debenture, comprising
fixed and floating charges over the Group (excluding 4D León) and
its assets.
The Company had drawn the first tranche of $12.5 million, all of
which remains outstanding to Oxford Finance. At the date of our
appointment, the total indebtedness was $13.9m due to an additional
$1.4m above the capital sum relating to interest and charges.
Financial performance and position
As a pre-revenue pharmaceutical business, the Company will
remain loss-making until one of its drug candidates is approved for
commercial production and sale by MHRA in the UK or FDA in the
US.
Group profit and loss
===================================== ========= ========= =========
GBP'000 FY19 FY20 FY21
===================================== ========= ========= =========
Revenue 211 534 522
Research and development costs (26,512) (22,041) (19,818)
Administrative expenses (4,359) (5,969) (7,283)
Foreign currency gains (1,006) 363 441
Other income 34 45 36
------------------------------------- --------- --------- ---------
Operating loss before non-recurring
items (31,632) (27,068) (26,102)
------------------------------------- --------- --------- ---------
Non-recurring items 2,659 (3,110) (44,381)
===================================== ========= ========= =========
Operating loss after non-recurring
items (28,973) (30,178) (70,483)
------------------------------------- --------- --------- ---------
The Company's financial position is as per below:
Group balance sheet
GBP'000 FY19 FY20 FY21
======== ========
Fixed assets
Property, plant and equipment 5,160 4,494 3,562
Intangible assets 13,988 14,025 13,686
Taxation receivables 188 177 199
Current assets
Inventories 198 291 272
Trade and other receivables 1,118 3,223 2,167
Taxation receivables 6,122 4,436 7,557
Cash and cash equivalents 3,836 8,775 15,497
------------------------------- -------- -------- ---------
Total assets 30,610 35,421 42,940
------------------------------- -------- -------- ---------
Current liabilities
Trade and other payables (6,192) (6,379) (4,810)
Lease liabilities (68) (73) (80)
Non-current liabilities
Lease liabilities (1,043) (986) (889)
Loans - - (8,961)
Warrants and units - - (4,992)
Deferred tax (964) (13) (10)
Total liabilities (8,267) (7,451) (19,742)
======== ========
Net assets 22,343 27,970 23,198
=============================== ======== ======== =========
Events leading to the administration
The Group's pipeline development requires significant ongoing
capital investment. To maintain its clinical trials and other
research activity, the Company recently embarked on a fundraising
exercise to help fuel the next stage of its growth. However, with
significant uncertainty currently affecting the global capital
markets, the Company was ultimately unable to progress the
fundraising sufficiently quickly to deliver the required funding
into the business.
Oxford Finance had concerns over the erosion of its collateral
and asserts that it did not have sufficient assurances regarding
the ongoing viability of the business.
To understand how to protect its position, Oxford Finance
instructed Jones Day to assist with reviewing both formal and
non-formal options. Jones Day's lawyers advice was that an event of
default had occurred, which allowed Oxford Finance (at its
discretion) to appoint administrators under its QFC which grants
enforceable security. Consequently, Oxford Finance appointed the
Joint Administrators on 24 June 2022.
Pre-administration work
Interpath's involvement prior to the date of insolvency was
limited to initial calls with Oxford Finance and Jones Day to
review the process, procedure and consequences of placing the
Company into administration. There was no formal engagement in
place between Interpath Advisory, Oxford Finance and 4D Plc.
We are satisfied that the work Interpath carried out before our
appointment has not resulted in any relationships which create a
conflict of interest, or which threaten our independence.
Furthermore, we are satisfied that we are acting in accordance
with the relevant guides to professional conduct and ethics.
Appointment of Joint Administrators
Oxford Finance, being the holder of a qualifying floating
charge, lodged the notice of appointment at the High Court of
Justice, The Business & Property Courts of England and Wales on
24 June 2022 and we were duly appointed.
Stephenson Harwood has since carried out a review and confirmed
that we were validly appointed as Joint Administrators. The Joint
Administrators deemed that Stephenson Harwood were appropriate
legal advisors to assist with a validity of appointment review
given that:
- Stephenson Harwood have significant prior experience of
advising on appointments of this nature and, as such, were well
placed to provide this advice.
- Stephenson Harwood's proposed charges were deemed reasonable
given the nature of the appointment and the complexity of the
situation.
- The firm was conflict free, and the team was able to commence
work quickly, which was required in the situation.
Strategy and progress of the administration to date
Strategy to date
Strategy and trading
Immediately following our appointment, we decided that the
Company would continue to trade. The main rationale for continuing
to trade was twofold:
-- to ensure the safety and wellbeing of patients currently
enrolled in clinical trials (as 4D Plc is a sponsor), while a
solution is sought.
-- we are preserving value in the Group by continuing to trade
the subsidiaries during a sale of business process.
The Joint Administrators are exploring several strategies,
including but not limited to the sale of the business as a whole, a
sale of 100% shareholdings in its subsidiaries, piecemeal asset
sales and a refinance. The Joint Administrators are consulting with
Oxford Finance as the major creditor regarding the use of floating
charge cash reserves to fund a period of trade whilst these
strategies are explored.
Sale of business
As alluded to above, we commenced a sale of business process
shortly after appointment. We have contacted nearly fifty large
pharmaceutical businesses and smaller biotechnology companies
(including other prominent players in the microbiome space).
Due to the commercial sensitivity of this sales process, we can
only provide limited narrative as to the exact progress to date.
Offer deadlines have been set with all interested parties and the
details of indicative offers received cannot be disclosed subject
to confidentiality agreement provisions.
Alongside the above sale of business activity, we continue to
explore the possibility of a refinance of the Group and an exit
from administration. Similarly to above, progress here is
confidential and updates will be made available to creditors at the
appropriate time.
Should no viable offers emerge during the sale of business
process, our strategy will likely be to minimise costs to preserve
the Company's main asset, floating charge cash, and realise the
Company's other assets.
Asset realisations
Realisations from the date of our appointment to 28 July 2022
are set out in the attached receipts and payments account (Appendix
2).
Summaries of the most significant realisations to date are
provided below.
Cash at bank
Upon appointment, the Company held funds of GBP0.3 million and
$7.1 million. These funds have now been transferred to the
Company's post-appointment bank account.
Investigations
We are reviewing the affairs of the Company to find out if there
are any actions which can be taken against third parties to
increase recoveries for creditors.
In this regard, if you wish to bring to our attention any
matters which you believe to be relevant, please do so by email to
4dpharma@interpathadvisory.com.
Costs
An estimate of all the anticipated costs likely to be incurred
throughout the duration of the administration is set out in the
attached summary of expenses (Appendix 4).
Payments made from the date of our appointment to 28 July 2022
are set out in the attached receipts and payments account (Appendix
2).
Summaries of the most significant payments made to date are
provided below.
Critical suppliers
A total sum of GBP10,000 was paid in respect of clinical trial
support costs in relation to medical oversight and safety of the
study subjects in line with regulatory requirements.
Funding of subsidiaries
Further to consultation with Oxford Finance whose subsequent
approval was received, GBP455,000 was paid to assist with 4D
Research's trading, together with GBP332,000 paid for 4D Leon's
trading.
Funds are extended to subsidiaries in the context of the ongoing
sale of business process, in order to preserve these businesses as
assets (shareholdings) of 4D Plc. The quantum is determined by way
of our review of individual subsidiaries' funding requests prepared
by respective directors.
Note that we, the Joint Administrators, do not instruct nor
advise the directors of these respective companies as to how to
apply these funds to payments.
Dividend prospects
Secured creditor
Oxford Finance provided a $20 million term loan facility on 29
July 2021, split into a Term A Loan Commitment of $12.5 million and
a Term B Loan Commitment of $7.5 million. All Group companies
(excluding 4D Leon) are parties to the loan agreement. Oxford
Finance holds security in the form of a debenture dated 29 July
2021, comprising fixed and floating charges over the Group
(excluding 4D Leon) and its assets.
We understand that, further to 4D Plc drawing the Term A Loan
Commitment only, approximately $13.9 million is due to Oxford
Finance, the additional $1.4m above the capital sum relating to
interest and charges.
Our legal advisors, Stephenson Harwood, have been instructed to
carry out an independent validity of security review and confirmed
its validity.
Subject to a successful sale of business outcome, we anticipate
that Oxford Finance may recover against its indebtedness in
full.
Ordinary preferential creditors (employees)
Claims from employees in respect of (1) arrears of wages up to a
maximum of GBP800 per employee, (2) unlimited accrued holiday pay
and (3) certain pension benefits, rank preferentially (in advance
of floating charge holders and ordinary unsecured creditors) and in
priority to other preferential creditors (see 5.3 below). These
claims are therefore referred to as "ordinary preferential
creditors".
Both Company's staff members are based in France, with their
employment contracts being subject to French employment law. We
have obtained advice from our instructed lawyers, Jones Day,
regarding the relevant claim process. The quantum of preferential
claims is dependent on the outcome of the sale of business
process.
Based on current estimates, we anticipate that ordinary
preferential creditors should receive a dividend and recover their
indebtedness in full. Note that at the time of writing, some
further clarification is outstanding as to the interplay between
French employment law and UK insolvency law, as such the exact
quantum is unknown.
Secondary preferential creditors (HMRC and the Financial
Services Compensation Scheme)
Claims from the Financial Services Compensation Scheme ('FSCS')
and HMRC, in relation to VAT, PAYE, employees' National Insurance
contributions ('NIC') and Construction Industry Scheme ('CIS')
deductions, rank preferentially, but secondary to the employee
ordinary preferential creditors above. These claims are therefore
referred to as "secondary preferential creditors".
The amount of secondary preferential claims is currently
unknown, however, it is likely that no amounts will be due to HMRC
due to the Company's current VAT repayment position. PAYE/NIC is
not applicable as French taxes are required to be paid in respect
of the Company's payroll.
Based on current estimates, we anticipate that secondary
preferential creditors (HMRC) would recover their indebtedness (to
the extent there is any) in full.
Unsecured creditors
Subject to a successful sale of business outcome, we anticipate
that there would be a dividend to unsecured creditors, however, the
quantum is currently unknown.
Ending the administration
Exit route from administration
We consider it prudent to retain all of the options available to
us, as listed in Section 9 to bring the administration to a
conclusion in due course.
Discharge from liability
We propose to seek approval from general body of creditors that
we will be discharged from liability in respect of any action as
Joint Administrators upon the filing of our final receipts and
payments account with the Registrar of Companies.
Discharge does not prevent the exercise of the Court's power in
relation to any misfeasance action against us.
See Section 7.1 for details regarding the decision by deemed
consent.
Approval of proposals
Deemed consent
In order to minimise costs, we intend to seek approval of our
statement of proposals using deemed consent. Notice of deemed
consent is attached to the covering letter.
Creditors' Committee
A Creditors' Committee will be formed if sufficient creditors
are willing to act. The minimum number of Committee members is
three and the maximum is five.
Function of the Creditors' Committee
The Creditors' Committee represents the interests of the
creditors as a whole, rather than the interests of certain parties
or individuals.
Its statutory function is to help us to discharge our
responsibilities as Joint Administrators.
If a Creditors' Committee is formed it is for that body to
approve, for instance:
-- the basis of our remuneration
-- the drawing of Category 2 expenses
-- the payment of unpaid pre-administration costs
Members of the Creditors' Committee are not remunerated for
their time. Other than receiving travel expenses, they receive no
payment from the Company.
Decisions
We are using deemed consent to propose the following
decisions:
-- approval of our proposals;
-- discharge of liability; and
-- the formation of a Creditors' Committee.
Typically, creditors would usually be required to vote on the
resolutions in Section 8 (fees), where the votes cast in relation
to these resolutions will only be used if a Creditors' Committee is
not formed. However, please see Section 8 regarding the Joint
Administrators decision to not seek a decision on fees at this
time.
Creditors' right to object to deemed consent
We will summon a physical meeting (1) if asked to do so by (a)
creditors whose debts amount to at least 10% of the total debts of
the Company, or (b) 10% in number of creditors, or (c) 10
creditors, and (2) if the procedures set out below are
followed.
Requests for a physical meeting must be made within five
business days of the date on which our proposals were delivered.
They must include:
-- a statement of the requesting creditor claim;
-- a list of the creditors concurring with the request, showing
the amounts of their respective debts in the administration;
-- written confirmation of their concurrence from each
concurring creditor; and
-- a statement of the purpose of the proposed meeting;
In addition, the expenses of summoning and holding a meeting at
the request of a creditor must be paid by that creditor. That
creditor is required to deposit security for such expenses with
us.
If you wish to request a physical creditors' meeting, please
complete and return the physical meeting requisition form attached
to the cover letter.
Creditors have the right to object to deemed consent. Please see
the formal notice of the decision procedure attached to the cover
letter for details of how to object to the deemed consent.
If the decision date expires without 10% in value of creditors
objecting to the deemed consent, or us being required to convene a
requisitioned physical meeting, the creditors will be treated as
having approved our proposals and proposed decision with regards to
discharge of liability on the decision date.
If 10% or more in value of creditors do object to the deemed
consent we will use a decision procedure to seek approval of our
proposals and discharge of liability.
Joint Administrators' remuneration, expenses and
pre-administration costs
Approval of the basis of remuneration and expenses
At this time, we are not seeking approval from the Company's
creditors in relation to the basis on which our remuneration will
be drawn or the payment of Category 2 expenses (as defined in
Statement of Insolvency Practice 9).
Given that the outcome of the sale of business process remains
uncertain, the Joint Administrators are not seeking approval of the
above matters at this time, and will instead revert to the relevant
parties in due course.
Agreement to the basis of our remuneration and the drawing of
Category 2 expenses is subject to specific approval. It is not part
of our proposals.
An initial fee estimate can be found in Appendix 3.
Time costs
From the date of our appointment to 28 July 2022, we have
incurred time costs of GBP580,488. These represent 876.65 hours at
an average rate of GBP662.12 per hour.
Expenses
We have incurred expenses of GBP77 during the period. None of
these have yet been paid.
Additional information
We have attached (Appendix 5) an analysis of the time spent, the
charge-out rates for each grade of staff and the expenses paid
directly by Interpath for the period from our appointment to 28
July 2022. We have also attached our charging and expenses recovery
policy.
Pre-administration costs
The following pre-administration costs have been incurred in
relation to the pre-administration work detailed in Section
3.4:
Paid (GBP) Unpaid (GBP) Total (GBP)
Interpath fees - 15,197.50 15,197.50
Interpath expenses - - -
Jones Day fees - 29,850.00 29,850.00
Total - 45,047.50 45,047.50
=================== =============== =============== ===============
The payment of unpaid pre-administration costs as an expense of
the administration is subject to the same approval as our
remuneration, as outlined above. It is not part of our
proposals.
Summary of proposals
It is currently uncertain whether rescuing the Company in
accordance with Paragraph 3(1)(a) is achievable, given the
uncertainty of the ongoing sale of business process.
Therefore, our primary objective is to achieve a better result
for the Company's creditors as a whole than would be likely if the
Company were wound up, in accordance with Paragraph 3(1)(b). Note
that, should the circumstances of the case change and a sale of
business appears feasible, our primary objective will be in line
with Paragraph 3(1)(a).
In addition to the specific itemised proposals below, this
document in its entirety constitutes our proposals.
We propose the following:
General matters
-- to continue to do everything that is reasonable, and to use
all our powers appropriately, in order to maximise realisations
from the assets of the Company in accordance with the objective as
set out above;
-- to investigate and, if appropriate, to pursue any claims the
Company may have;
-- to seek an extension to the administration period if we
consider it necessary.
Distributions
-- to make distributions to the secured and preferential
creditors where funds allow;
-- to make distributions to the unsecured creditors if funds
become available, and to apply to the Court for authority to do so,
where applicable.
Ending the administration
We might use any or a combination of the following exit route
strategies in order to bring the administration to an end:
-- apply to Court for the administration order to cease to have
effect from a specified time and for control of the Company to be
returned to the Directors;
-- formulate a proposal for either a company voluntary
arrangement (CVA) or a scheme of arrangement and put it to meetings
of the Company's creditors, shareholders or the Court for approval
as appropriate;
-- place the Company into creditors' voluntary liquidation. In
these circumstances we propose that we, James Clark and David Pike,
be appointed as Joint Liquidators of the Company without any
further recourse to creditors. If appointed Joint Liquidators, any
action required or authorised under any enactment to be taken by us
may be taken by us individually or together. The creditors may
nominate different persons as the proposed Joint Liquidators,
provided the nomination is received before these proposals are
approved;
-- petition the Court for a winding-up order placing the Company
into compulsory liquidation and to consider, if deemed appropriate,
appointing us, James Clark and David Pike , as Joint Liquidators of
the Company without further recourse to creditors. Any action
required or authorised under any enactment to be taken by us as
Joint Liquidators may be taken by us individually or together;
-- file notice of move from administration to dissolution with
the Registrar of Companies if we consider that liquidation is not
appropriate because (1) no dividend will become available to
creditors, and (2) there are no other outstanding matters that
require to be dealt with in liquidation. The Company will be
dissolved three months after the registering of the notice with the
Registrar of Companies.
Alternatively, we may allow the administration to end
automatically.
Joint Administrators' remuneration and pre-administration
costs
We are not seeking approval of our basis of remuneration,
payment of Category 2 expenses or payment of pre-administration
costs at this time. We will seek approval of these matters from the
relevant parties in due course.
Discharge from liability
We propose that we shall be discharged from liability in respect
of any action of ours as Joint Administrators upon the filing of
our final receipts and payments account with the Registrar of
Companies.
Appendix 8 Notice: About this statement of proposals
This statement of proposals ('Proposals') has been prepared by
James Clark and David Pike , the Joint Administrators of 4D Pharma
Plc - in Administration (the 'Company'), solely to comply with
their statutory duty under Paragraph 49, Schedule B1 of the
Insolvency Act 1986 to lay before creditors a statement of their
proposals for achieving the purposes of the administration, and for
no other purpose. It is not suitable to be relied upon by any other
person, or for any other purpose, or in any other context.
These proposals have not been prepared in contemplation of them
being used, and are not suitable to be used, to inform any
investment decision in relation to the debt of or any financial
interest in the Company or any other company in the same group.
Any estimated outcomes for creditors included in these proposals
are illustrative only and cannot be relied upon as guidance as to
the actual outcomes for creditors.
Any person that chooses to rely on these proposals for any
purpose or in any context other than under Paragraph 49, Schedule
B1 of the Insolvency Act 1986 does so at their own risk. To the
fullest extent permitted by law, the Joint Administrators do not
assume any responsibility and will not accept any liability in
respect of these proposals.
James Richard Clark and David John Pike are authorised to act as
insolvency practitioners by the Institute of Chartered Accountants
in England & Wales.
We are bound by the Insolvency Code of Ethics.
The Officeholders are Data Controllers of personal data as
defined by the Data Protection Act 2018. Personal data will be kept
secure and processed only for matters relating to the appointment.
For further information, please see our Privacy policy at -
www.interpathadvisory.com/privacy-insolvency.
The Joint Administrators act as agents for the Company and
contract without personal liability. The appointments of the Joint
Administrators are personal to them and, to the fullest extent
permitted by law, Interpath Ltd does not assume any responsibility
and will not accept any liability to any person in respect of these
proposals or the conduct of the administration.
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