BREAKING: The Administrators Report on Ariadne: How did £10.5 million go up in smoke in less than a year

I have been sent the first report on Ariadne Capital Limited prepared by the Administrator Leonard Curtis and sent to creditors yesterday. They will be whistling and will not get a cent back. There is no cash, no sales pipeline and only one debt of £36,000 which the Administrator hopes to collect. His comments on related party debts of £4.6 million are "of note". A company that claimed net assets of £3,858,688 as at 31 December 2016 is set to report a deficiency of £6,762,604 according to Leonard Curtis. Actually it will be worse.

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