Risk Analysis: E REALISATIONS 2020 LIMITED

1. Risk Rating: HIGH

The company is dissolved and was clearly subject to an insolvency event in 2020. The renaming convention "E Realisations 2020" is standard practice for companies that have entered formal insolvency proceedings, where the original business and assets have been sold (typically as a going concern) and the residual shell remains solely to realise remaining assets for creditors. This is not an operating business and presents maximum investment risk.

2. Key Concerns

Insolvency Event (Critical): The company operated as "Everest Limited" until July 2020, when it was renamed "E Realisations 2020 Limited." This naming convention unambiguously signals that the company entered an insolvency process—likely administration or a pre-pack sale. The original business (a well-known UK glazing/windows company) has been separated from this entity. The "Realisations" designation means this company exists only to collect and distribute remaining assets to creditors.

Dissolved Status (Critical): The company status shows as "Dissolved" with a dissolution date of 22 August 2026. If this date is in the future at the time of review, the company may be in the process of being wound up. Either way, a dissolved entity cannot trade, enter contracts, or operate as a going concern. Any investment would be in a non-operating shell with uncertain residual value.

Stale Financial Information: The last accounts made up to 31 December 2018—nearly seven years old at this point. No financial activity has been reported since, which is consistent with the company being in an insolvency process where normal filing obligations may have ceased or been modified. There is no current visibility into the company's financial position, creditor claims, or asset realisations.

3. Positive Indicators

Limited positives exist given the dissolved status. However, the following contextual points are noted:

• Corporate Structure: The PSC, Hillary Bidco Ltd, appears to be a holding vehicle that controlled the company. This suggests the Everest business may have been acquired through a structured transaction (potentially a pre-pack), meaning the brand and operations may continue under a different corporate entity—which could be of interest if investigating the ongoing business rather than this shell.

• Filing Compliance: Accounts and confirmation statements are not marked as overdue, which may indicate that the insolvency practitioner has maintained basic filing obligations as required.

4. Due Diligence Notes

The following items require further investigation before any engagement with this entity or its successors:

1. Insolvency Records: Obtain records from the Insolvency Service to confirm the type of insolvency event (administration, creditors' voluntary liquidation, etc.), the appointed insolvency practitioner, and the status of creditor distributions.

2. Successor Entity: Determine whether the Everest trade and assets were sold to a new company (potentially also controlled by Hillary Bidco Ltd or related parties) and evaluate that entity separately. The ongoing business at everest.co.uk is likely operating under a different corporate vehicle.

3. Pre-Pack Scrutiny: Given the name change to "Realisations" and the involvement of a bidco vehicle, investigate whether this was a pre-pack sale. These transactions can sometimes transfer value away from creditors and require careful examination of sale terms, connected party involvement, and whether creditors received fair value.

4. Outstanding Liabilities: Ascertain whether there are outstanding creditor claims, including potential warranty claims from Everest customers, employee claims, or HMRC liabilities that remain unresolved.

5. Director Conduct: Review whether director Xxxxxx Xxxxxxxxname shown to subscribers has any disqualification orders or was involved in other insolvencies, particularly given the cross-border element (Dutch nationality noted).

6. Dissolution Date Clarification: The stated dissolution date of 22 August 2026 appears to be in the future; confirm the actual status with Companies House, as this may indicate a planned dissolution that has not yet completed, or a data discrepancy.

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