Magnohard Limited (01599250): administration
- Status
- Administration ended
- Administration began
- 2012-03-20
- Administrators
- James Bernard Stephen, James Joseph Bannon
- Administrators' firm
- BDO
- Formerly
- Glenminster Limited; Sandside Estates Limited; Newminster Properties Limited
- Incorporated
- 1981-11-23
- Location
- Liverpool
- Industry
- 7011
Why it went into administration
- Cash flow / liquidity pressure
- Regulatory change or action
From the administrators' statement
The Company was founded on 23 November 1981 by Sir Gerald Newman Bt. and Mr Geoffrey Minter and operated for a number of years as a central London property development/investment vehicle running a block of flats and an m-house managed office centre and members club. In 1991 the Company acquired the Sandside Estate in Caithness which 1s along the coast from the Dounreay Nuclear Experimental Establishment, for improvement
In 1997 the first of over 200 highly radioactive metallic fuel rod particles, the source of which was Dounreay, was located on Sandside Beach which forms part of the estate Since this date the Director has always sought and taken appropriate professional advice and has been actively pursuing compensation against the UKAEA, for this unique continuing damage to the land and resultant impact this has had and will continue to have on the estate’s value The Director has advised that despite due diligence being undertaken, the Environmental Regulator confirmed that there was no evidence of solid waste radioactive contamination at the time of purchase.
After establishing damage in Court in 2003 and pursuing compensation for 15 years, by out-of-Court settlement which included two meditations and a one year RICS Panel Process, the quantum and duration of compensation were determined by the Panel. The value of the determinations were, however, significantly below the Director’s expectation and insufficient to cover the level of borrowings that had accrued over 15 years whilst the compensation was being contested, with the support of the Company’s bank.
Administrators' statement of proposals (2012-04-25) · Companies House register