ASIA DRAGON TRUST PLC

⚰️Wound downliquidation

SC106049 · plc · incorporated 1987-08-12

Investment thesis

Company liquidation — not a live target.

Why interesting: Historical record only; useful for precedent research.

Why risky: Not transactable.

🔒Estimated value

—

Upgrade to see

Turnover

—

not disclosed

Net worth

—

book net assets

Opportunity

34/100

Pass

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What this business does

Primary activity: Activities of investment trusts

Sector: Financial & insurance

Investor take

Pass (distressed without resilience)

Distressed low-transparency controlled group — structural issues outweigh the discount.

Opportunity 34/100 (pass), bankability 22/100. Asset purchase likely safer than share purchase given structural signals. Biggest value-creation lever: File overdue accounts. Clears statutory overdue flag — immediate bankability uplift for refinance conversations. Most likely exit: asset disposal / carve-out (90/100). Current lenders should be on immediate intervention.

🏦

Refinance opportunity

3 live charges · 3 lenders · oldest 32.4y

25/100

too messy

Structure is too messy for a clean refinance right now — clean up first or expect bespoke terms.

· Oldest live charge is 32.4 years old — likely at or near maturity.
· 3 lenders named — inter-creditor friction likely.
· Legal-friction score 58/100 (high).

Data confidence

Overall: low (47/100)

Sparse data coverage. Treat AI-generated outputs as preliminary. Manual diligence essential.

Company profile

address, 1 SIC codes, incorporation date

100

Financials

No iXBRL financials extracted

Lenders & charges

3 charges (3/3 with lender, 3/3 with type)

Directors & officers

24 officers (1 active, 24 linked, 21 with DOB)

Ownership & PSC

No PSCs filed (unusual — worth investigating)

Director network

Network not yet resolved

Filing history

824 filings on record

Gazette notices

No matching gazette notices (standard for active companies)

Opportunity Score

34/100Pass

PassWatchWorth a lookStrongExceptional

Clear signal to pass. Time better spent elsewhere unless you have a specific strategic angle.

Business quality

Concerning — overdue filings or status flags present.

Acquirability

Some acquirability indicators.

Risk profile

Multiple red flags — proceed with caution.

Signal strength

100

Good data coverage for analysis.

Recent activity

Last 30 days

filings

Last 90 days

filings

Last 180 days

filings

Counts from Companies House filing history.

Corporate timeline (73 events)Click to expand

2025-02-20
📍
move-registers-to-sail-company-with-new-address
address · AD03
2025-02-20
📍
change-sail-address-company-with-old-address-new-address
address · AD02
2025-02-19
📍
change-registered-office-address-company-with-date-old-address-new-address
address · AD01
2025-02-17
📄
resolution
resolution · RESOLUTIONS
2025-02-14
➖
DOBBS, Matthew Frederick resigned
director
2025-02-14
➖
NOBLE, Susan Sternglass resigned
director
2025-02-14
➖
SOUCHON, Stephen Alec resigned
director
2025-02-14
➖
WILL, James Robert resigned
director
2025-02-14
➖
YUEN, Nicole Shuk Kam resigned
director
2025-02-14
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-02-14
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-02-14
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-02-14
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-02-14
📄
termination-director-company-with-name-termination-date
officers · TM01
2025-02-14
📄
memorandum-articles
incorporation · MA
2025-02-14
📄
resolution
resolution · RESOLUTIONS
2025-02-11
📄
capital-cancellation-treasury-shares-with-date-currency-capital-figure
capital · SH05
2025-02-10
📄
resolution
resolution · RESOLUTIONS
2025-01-17
📄
accounts-with-accounts-type-full
accounts · AA
2024-12-03
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-11-04
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-10-18
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-10-16
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-09-25
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-09-09
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-08-14
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-08-01
📄
memorandum-articles
incorporation · MA
2024-08-01
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-07-19
📄
capital-return-purchase-own-shares-treasury-capital-date
capital · SH03
2024-05-09
➖
COLEY, Susan Gaynor resigned
director
2024-05-09
➖
RICKETTS, Charles Michael Thomas resigned
director
2024-05-09
➖
WORKMAN, John Donald Black resigned
director
2023-11-08
➕
SOUCHON, Stephen Alec appointed
director
2023-11-08
➕
WORKMAN, John Donald Black appointed
director
2023-11-08
➕
YUEN, Nicole Shuk Kam appointed
director
2022-11-28
➕
HOLDINGS LIMITED, Abrdn appointed
secretary
2022-11-28
➖
ABERDEEN ASSET MANAGERS LIMITED resigned
corporate-secretary
2022-02-01
➕
DOBBS, Matthew Frederick appointed
director
2021-12-15
➖
LANGRIDGE, Kathryn Louise resigned
director
2020-12-10
➖
MAYNARD, Peter Martin resigned
director
2020-08-07
➕
NOBLE, Susan Sternglass appointed
director
2020-04-30
➖
MCLAREN, Iain Archibald resigned
director
2019-07-03
➕
COLEY, Susan Gaynor appointed
director
2019-07-03
➖
MCKENZIE, Allan Macleod resigned
director
2018-10-01
➕
WILL, James Robert appointed
director
2016-04-19
➕
RICKETTS, Charles Michael Thomas appointed
director
2015-12-15
➖
LOWRIE, Anthony Carmel resigned
director
2013-12-17
➖
GAIRNS, David Wylie resigned
director
2012-12-11
➖
WATT, Iain Alasdair resigned
director
2012-10-29
➕
LANGRIDGE, Kathryn Louise appointed
director

Showing most recent 50 of 73 events

Owner dependency

50/100

Moderate — manageable with handover

Some founder dependency, but not acute. A structured handover period should cover most risk.

Succession & seller-readiness

40/100

Moderate signal

Some succession indicators present. Worth watching; approach if sector/strategy fits.

SIGNALS

secondaryStable-but-static management: Company is 39 years old and no new directors in the last 3 years — succession not yet being planned internally.

Red flags

3 high · 1 med · 1 low

Accounts overdue

high

Statutory accounts have not been filed by their due date. Can indicate admin breakdown, cash preservation, or deliberate delay.

Evidence: Next due: 2026-02-28

Confirmation statement overdue

high

Annual confirmation statement not filed on time. Required statutory filing — overdue is a strong discipline signal.

Evidence: Next due: 2025-12-21

Company in liquidation

high

Company is actively being wound up. Not a going concern.

Charge satisfaction-then-recreation pattern

medium

Multiple instances where a charge was satisfied and a new charge created within 6 months. Suggests active refinancing cycle.

Multiple registered office changes

low

Multiple address changes in a short period can indicate operational instability or admin disorder.

Similar companies

Active · Financial services · EH postcode area

Company	Est. value	Turnover	Net worth	Staff	Age	Opp	Director
AMATI GLOBAL INVESTORS LIMITED→ SC199908 · est 1999	£8.90M £6.47M–£11.33M	—	—	2800	26y	84	66y
CS MANAGERS LTD→ SC231678 · est 2002	£1.50M £1.09M–£1.91M	—	—	1200	24y	86	77y
GBCP VII (GENERAL PARTNER) LIMITED→ SC253395 · est 2003 · no financials extracted	—	—	—	—	22y	83	62y
NOBLE GROSSART LIMITED→ SC046265 · est 1969 · no financials extracted	—	—	—	—	57y	83	72y
PREMIER COMMERCIAL LIMITED→ SC160330 · est 1995	—	—	£282.5k	—	30y	83	61y
RIA CAPITAL MARKETS LIMITED→ SC226461 · est 2001 · no financials extracted	—	—	—	—	24y	83	58y
SCOTIA WEALTH MANAGEMENT LTD.→ SC267795 · est 2004	—	—	—	1300	22y	83	58y
ALAN STEEL (ASSET MANAGEMENT) LIMITED→ SC058014 · est 1975	—	—	—	44	50y	82	62y
ALEX HAMMOND-CHAMBERS & COMPANY→ SC126819 · est 1990 · no financials extracted	—	—	—	—	35y	82	84y
BANDRON LIMITED→ SC082385 · est 1983	—	—	—	400	43y	82	71y
BRIDGEPOINT EUROPE (SGP) LTD→ SC332267 · est 2007 · no financials extracted	—	—	—	—	18y	82	61y
FAMILY & BUSINESS ASSURANCE (SERVICES) LIMITED→ SC347357 · est 2008	—	—	£50.9k	—	17y	82	67y

Peers ranked by estimated value, then turnover, then opportunity score.See all →

🔒Tailored diligence questions

11 specific questions generated from this company's actual signals — liquidity, leverage, director age, charge count, red flags, age-of-company.

Available from the Pro tier upwards.

See pricing →

🔒Advanced scoring suite

Exit-route ranking, improvement thesis, quiet-distress detector, covenant-pressure proxy, extraction monitor, approaching triggers, ownership drift, local cluster, value trap, debt capacity, archetype classification — 48+ scoring modules.

Available from the Pro tier upwards.

See pricing →

Company details

Statusliquidation

Typeplc

Incorporated1987-08-12

Jurisdictionscotland

Primary SIC64301 — Activities of investment trusts

Registered office

Atria One, 144 Morrison Street

Edinburgh

EH3 8EX

Filing status

Accounts

Next due: 2026-02-28OVERDUE

Last made up to: 2024-08-31

Confirmation statement

Next due: 2025-12-21OVERDUE

Last: 2024-12-07

Officers (1 active · 23 resigned)

HOLDINGS LIMITED, Abrdn→

secretary · appointed 2022-11-28

View their other companies + combined net worth →

Active

ABERDEEN ASSET MANAGERS LIMITED→

corporate-secretary · appointed 2009-09-17 · resigned 2022-11-28

Resigned

EDINBURGH FUND MANAGERS PLC→

corporate-secretary · resigned 2009-09-17

Resigned

BYATT, Hugh Campbell, Sir→

director · ~99y · resigned 1998-03-24

Resigned

CASSIDY, Anthony Francis→

director · ~82y · resigned 2009-12-09

Resigned

COLEY, Susan Gaynor→

director · ~68y · appointed 2019-07-03 · resigned 2024-05-09

Resigned

DOBBS, Matthew Frederick→

director · ~67y · appointed 2022-02-01 · resigned 2025-02-14

Resigned

FLEMING, Adam Richard→

director · ~78y · appointed 2001-06-25 · resigned 2004-04-30

Resigned

FRAME, Frank Riddell→

director · ~96y · appointed 1994-02-22 · resigned 2011-12-07

Resigned

GAIRNS, David Wylie→

director · ~90y · appointed 2003-07-01 · resigned 2013-12-17

Resigned

LANGRIDGE, Kathryn Louise→

director · ~68y · appointed 2012-10-29 · resigned 2021-12-15

Resigned

LOWRIE, Anthony Carmel→

director · ~84y · appointed 2004-10-04 · resigned 2015-12-15

Resigned

MACDONALD, Ian Hamish→

director · ~100y · resigned 1992-11-18

Resigned

MAYNARD, Peter Martin→

director · ~74y · appointed 2011-10-12 · resigned 2020-12-10

Resigned

MCKENZIE, Allan Macleod→

director · ~79y · appointed 2006-09-01 · resigned 2019-07-03

Resigned

MCLAREN, Iain Archibald→

director · ~75y · appointed 2010-09-06 · resigned 2020-04-30

Resigned

NOBLE, Susan Sternglass→

director · ~65y · appointed 2020-08-07 · resigned 2025-02-14

Resigned

RICKETTS, Charles Michael Thomas→

director · ~66y · appointed 2016-04-19 · resigned 2024-05-09

Resigned

SOUCHON, Stephen Alec→

director · ~66y · appointed 2023-11-08 · resigned 2025-02-14

Resigned

TYRIE, Peter Robert→

director · ~80y · appointed 1989-07-05 · resigned 2010-12-08

Resigned

Click a director name to see their full track record across all companies.

Mortgages & charges

Total charges

Outstanding

Active lenders

Status:Lender:3 of 3 shown

		Type	Properties
satisfied	Lloyds Banking Group Royal Bank of Scotland PLC	Floating charge	1 property	15/04/2009	18/11/2010
satisfied	Robert Fleming & Co Robert Fleming & Co Limited	Floating charge	1 property	30/12/1993	15/04/2009
satisfied	The Law Debenture Trust Corporation as Security Agent The Law Debenture Trust Corporation PLC as Security Agent	Floating charge	1 property	30/12/1993	15/04/2009

Recent filings (824 total)

move-registers-to-sail-company-with-new-address

address · AD03

2025-02-20

change-sail-address-company-with-old-address-new-address

address · AD02

2025-02-20

change-registered-office-address-company-with-date-old-address-new-address

address · AD01

2025-02-19

resolution

resolution · RESOLUTIONS

2025-02-17