Princedown Developments Limited (02449379): administration
- Status
- Administration ended
- Administration began
- 2013-06-21
- Administrators
- Anne Clare O'Keefe, Charles Peter Holder, Kevin James Coates
- Administrators' firm
- AlixPartners
- Formerly
- Thamesmajor Properties Limited
- Incorporated
- 1989-12-05
- Location
- Manchester
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Cash flow / liquidity pressure
- Property / lease costs
From the administrators' statement
The Companies were incorporated between December 1989 and April 2002 and their main activity 1s commercial property investment. Together they own 21 properties across England and Scotland (the Properties), details of which can be found at Appendix A
The Companies are subsidiaries of GSC Property Holdings Plc (Holdings) and are parent companies to several other entities (the Group). A Group structure chart is attached at Appendix B which details the relationsmps between the various entities.
Holdings granted a number of securities to Aviva Commercial Finance Limited (formerly Norwich Union Mortgage Finance Limited) (Aviva) over the course of 2007 and 2008, full details of which can be found at Appendix C The structure of the borrowing arrangement was setup 1n a way that the initial lending was provided by Aviva to Holdings and guaranteed by the assets held in its subsidiaries, being the Companies’ investment properties. The charge listing details the main borrower as Holdings however, on the demand documentation the specifics of the arrangement state that the security includes the Companies, known as the chargors.
Administrators' statement of proposals (2013-08-06) · Companies House register