UKFunding
LawBite platform sold for £1 as administration of £5.8m-debt Lawbit ends
Administrators have sold the LawBite online SME legal platform for a nominal £1 to ADG Corporate Ltd (trading as PrefCap), which held a £975,116 floating charge, after marketing the business without an acceptable third-party bid. Lawbit Ltd had entered administration with about £5.8 million of debt; technology assets were valued at £210,000 in situ and £2,000 ex situ, and the company is to be dissolved with nil net property for unsecured creditors.
Key points
- Administrators Batty and Jesseman said the administration is over and Lawbit Ltd is to be dissolved.Law Gazette
- The LawBite platform sold to floating-charge holder PrefCap (ADG Corporate) for £1 on September 22, 2026.Law Gazette
- Axia valued technology and IP at £210,000 in situ and £2,000 ex situ.Law Gazette
- Net property was nil, so there is no distribution to unsecured creditors.Law Gazette
- Lawbit had about £5.8 million of debt when it entered administration in 2024.Law Gazette