Contract Timeline

Publication Date

12th March 2025 08:57:07 AM

Contract Summary

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.

Contract Details

Open Contracting ID

ocds-h6vhtk-04eb4b

Publication Source

Find a Tender Service

Procurement Stage

PlanningUpdate

Procurement Method

Open

Procurement Method Details

Open Procedure

Procurement Category

Services

Tender Suitability

Framework / DPS

Contract Classification

CPV Code(s)

CPV Division(s)

Awarding Authority

UKRI

Buyer Name

Buyer Email

Commercial@ukri.org

Buyer Phone

Buyer Address

Polaris House

Swindon

SN2 1FL

United Kingdom

Contract Timeline

Publication Date

11th March 2025 09:20:21 AM

Planning Deadline

22nd April 2025 13:00:00 PM   30 days remaining

Contract Summary

***This is a Planned Procurement Notice, Not a Call for Competition*** 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.

Contract Details

Open Contracting ID

ocds-h6vhtk-04eb4b

Publication Source

Find a Tender Service

Procurement Stage

Planning

Procurement Method

Open

Procurement Method Details

Open Procedure

Procurement Category

Services

Tender Suitability

Framework / DPS

Contract Classification

CPV Code(s)

CPV Division(s)

Awarding Authority

UKRI

Buyer Name

Buyer Email

Commercial@ukri.org

Buyer Phone

Buyer Address

Polaris House

Swindon

SN2 1FL

United Kingdom