Parker-Lake Homes Limited (02424834): administration
- Status
- Administration ended
- Administration began
- 2017-08-10
- Administrators
- Simon Robert Thomas, Arron Simon Kendall
- Administrators' firm
- PwC
- Formerly
- Parker-Lake Developments Limited; Enzyme Limited
- Incorporated
- 1989-09-20
- Location
- London
- Industry
- 4525
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
In the period leading up to the Administrators’ appointment, the Company experienced significant creditor pressure, partly due to the recent contraction of the housing market A winding up petition was issued by one of the Company's creditors in March 2010 This was subsequently withdrawn, however the lack of cash within the business meant that the Company needed additional funding tn order to continue to trade
The directors sought to raise additional funding themselves in order for the business to continue, however the amount they were able to put forward was not sufftcient to improve the position Clydesdale Bank Plc (‘the Bank”) were aware of the issues with the Company and based on the information available to them, they could not envisage the creditor position unwinding in the near future or their exposure to the Company being reduced, especially given that there was limited interest in the properties which the Company had for sale
The Bank were sufficiently concerned about the position of the Company that it was not willing to advance further funding and as a result, as holder of a qualifying floating charge, the Bank took steps to have the Company placed into Administration Colin Haig and Rob Hunt were appointed as Joint Administrators of the Company on 15 April 2010
Administrators' statement of proposals (2010-06-16) · Companies House register