Vista Building Limited (02851426): administration
- Status
- Administration ended
- Administration began
- 2013-05-15
- Administrators
- Philip Stephen Bowers, Matthew James Cowlishaw
- Administrators' firm
- Deloitte
- Formerly
- Kerrington Management Limited; Simco 556 Limited
- Incorporated
- 1993-09-08
- Location
- Basildon
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Bank had provided various facilities to Desiman Limited which at the date of the appointment of Joint Administrative Receivers to Desiman Limited totalled £36 9 million in drawn facilities, which had been cross guaranteed by the Companies
The Group's banking facilities expired on 23 March 2013 following which the Group sought a refinancing with a third party lender In order to facilitate such a refinancing, the Bank offered a short term extension of the facilities, although the terms of this extension were never agreed In light of the facilities being in default, the Bank took steps to enforce its security by way of appointing an Administrative Receiver over Desiman Limited and Administrators over the Companies
Administrators' statement of proposals (2013-07-10) · Companies House register