VON Essen Mining & Development Corporation (UK) Limited (02982087): administration
- Status
- Administration ended
- Administration began
- 2012-03-15
- Administrators
- Phillip Rodney Sykes, Jeremy Mark Willmont
- Administrators' firm
- EY
- Incorporated
- 1994-10-21
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
von Essen Mining & Development Corporation (UK) Limited (“the Company”) is the holding company for the von Essen Hatets Limited (“VEHL") group which was placed tnto admnistratton on 20 Aprit 2011 by Barclays Bank plc, as Security Trustee for the lenders under paragraph 14 of Schedule 81 of the Insolvency Act 1986 Angela Swarbrick, Christopher Marsden and Alan Robert Bloom, all of Ernst & Young LLP, were appointed as the joint adrrunistrators (“the EY administrators”)
On 31 May 2011, we were engaged by the Company to advise on tts financtal position following the appointment of the EY administrators to the Company's subsidiaries and to advise on the steps required in order to place the Company into a formal insolvency process tf required
Following the disposal of the hotel properties owned by the VEHL group companies, it was apparent that the Company's investments in its Subsidiaries were worthless and that there was no |ikelihood of a recovery in relation to the amounts owed to the Company by its subsidiary, Verta Properties Limited (“Verta”)
Administrators' statement of proposals (2012-05-09) · Companies House register