The appointed administrator of the failed company behind the original Emoov business has submitted documents to Companies House revealing that it will take a further 12 months to complete the task.
London and Southampton-based legal firm James Cowper Kreston has gained the agreement of Emoov Ltd’s creditors to extend the period of administration to the 2nd December 2020.
Emoov Limited went into administration on 20th December last year after the business failed to find a backer to keep it trading following mounting losses.
Earlier this year James Cowper Kreston revealed that it has £465,777 to distribute to the company’s creditors including £232,500 paid for the Emoov name, website and technology platform by proptech firm Mashroom Ltd.
It has subsequently relaunched the business with a new logo, website and fees structure.
The extra time needed by Emoov Ltd’s administrators reflects the complicate nature of its descent into receivership; as well as shareholders, trade creditors and institutional investors, it also raised money from hundreds of small investors via crowdfunding platform Crowdcube.
This includes £2.62 million raised in 2015 from 780 people and a further £1.9 million raised in July 2018 from 1,119 investors.
Emoov also signed an equity-for-media deal with both Sky and Channel 4, further complicating its ownership and shares structure.