PS25037 - Appointment of Administrators for Innovate UK Loans

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      "title": "PS25037 - Appointment of Administrators for Innovate UK Loans",
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      "roleDetails": "Shared Service Provider",
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    },
    {
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        "streetAddress": "4th Floor, 95 Gresham Street"
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    "description": "The final date and time for the submission of bids is Thursday 22nd May 2025 at 11:00 hrs\nDO NOT apply directly to the buyer.\nAll tender information MUST be submitted through the Jaggaer eSourcing Portal.\nBrief Description of Requirement\nAt present the IUKL loan portfolio consists of around 260 businesses with an overall exposure of \u00a3219m. 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.\nTo date there have been 41 businesses in the IUKL portfolio that have entered administration, however in all bar one of these cases the administrator has been appointed by the company themselves when they have filed for administration. The exception to this was for a potential fraudulent case and the administrators were appointed from the previous panel that IUKL had. Whilst there is currently the provision for IUKL to appoint an administrator under the terms of the debenture noted above, there is not the necessary process in place for an administrator to be appointed directly by IUKL. Therefore, the current issue is logistical rather than not having the necessary rights.\nThis procurement is to address the requirement in some case for IUKL to appoint an administrator and to have an existing contract in place which can be utilised when required. The administrator should be licensed insolvency practitioners based within the UK. \nPlease ensure you review all attached information to ensure a full understanding of this requirement. All attachments can be found with the Supplier Attachments tab within the Jaggaer eSourcing Portal. \nThis contract will be awarded based on the evaluation criteria as set out in the RFP document. \nHow to Apply\nUK Shared Business Services Ltd (UKSBS) will be using the Jaggaer eSourcing Portal for this procurement. \nTo register on the Jaggaer eSourcing portal please use the link https://beisgroup.ukp.app.jaggaer.com/ and follow the instructions to register as a supplier.\nIf you are already registered on the Jaggaer eSourcing Portal and wish to participate in this procurement, please use the link: https://beisgroup.ukp.app.jaggaer.com/.\nOnce you are logged into the system you will be able to locate the Procurement you wish to leave a bid on by clicking the ITTs Open to All Suppliers and searching for the reference number PS25037 and Jaggaer ITT reference number 2064.",
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    "procurementMethodDetails": "Open procedure",
    "status": "complete",
    "title": "PS25037 - Appointment of Administrators for Innovate UK Loans"
  }
}