Askwith Investments Limited (02065212): administration
- Status
- Administration ended
- Administration began
- 2013-08-14
- Administrators
- Matthew David Smith, Clare Boardman
- Administrators' firm
- Deloitte
- Formerly
- Lockale Limited
- Incorporated
- 1986-10-17
- Location
- Harrogate
- Industry
- 41100 Development of building projects
Why it went into administration
- Rising interest rates
From the administrators' statement
On 18 July 2013 Barclays issued REPL with a failure to pay notice following its failure to meet its July quarterly payment against its interest rate swap facility In addition, a quarterly payment against the loan facility with Barclays was also outstanding as well as payment of rental income in REPL into a designated rental account We are advised by Jason Schofield that REPL had taken the decision not to meet the July payments due to an ongoing dispute with Barclays regarding the potential mis-selling of hedging products As a result of the missed payments, Barclays notified REPL of its intention to terminate the REPL swap agreement
On 29 July 2013 Barclays advised REPL that events of default had occurred under its facility and that it had chosen to exercise its nght to terminate the REPL swap agreement with effect from 34 July 2013 Due to the REPL default, Barclays also exercised tts nght to terminate the swap facility in place with AIL, and subsequently confirmed that this agreement had been terminated
Barclays issued letters of demand on 13 August 2013 for repayment of the REPL and AIL facilities (including termination costs associated with the close out of the swap agreements) A demand was also issued to REL as guarantor to Barclays’ lending to REPL and AIL
Administrators' statement of proposals (2013-10-08) · Companies House register