Infarm – Indoor Urban Farming GmbH, the UK, entered administration on 4 September 2023, subject to England & Wales and Insolvency Rules. Back in July 2023, the company relocated its head office address and operations from Berlin to London.
What does that mean?
According to the Companies House, when a company goes into administration, they have entered a legal process (under the Insolvency Act 1986) with the aim of achieving one of the statutory objectives of an administration. This may be to rescue a viable business that is insolvent due to cashflow problems.
An appointment of an administrator (a licensed insolvency practitioner) will be made by directors, a creditor, or the court to fulfill the administration process.
Appointed to the case were Gordon Thomson and Damian Webb of RSM UK Restructuring Advisory LLP, 25 Farringdon Street, London, EC4A 4AB, as Joint Administrators of the Company on the same day.