Posla Limited (01961964): administration
- Status
- Administration ended
- Administration began
- 2013-07-31
- Formerly
- Ordgate Management Limited; Fordgate Limited
- Incorporated
- 1985-11-20
- Location
- London
- Industry
- 68320 Management of real estate on a fee or contract basis
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
From the administrators' statement
The Company initially traded successfully, such that the Company’s balance sheet had shareholders’ funds in excess of £60 million in the year to 31 March 2007
Since 2007, the Company’s fortunes suffered as a result of the severe banking and real estate liquidity crisis in the UK which, amongst other consequences, led to an acute contraction in the values of UK retail and commercial property This contraction resulted in a major reduction in the values of the properties held by the Company’s subsidiaries and the ability of the Company to recover loans made to its subsidiaries
FCL and AL were placed into receivership in 2009 and subsequently liquidation as a result of a shopping centre being repossessed by the secured creditor, Morgan Stanley Mortgage Servicing Limited This was followed in 2011 by FMPL being put into administration at the request of that company’s lender, BOI
Administrators' statement of proposals (2013-09-19) · Companies House register