Seacourt Developments Limited (03069038): administration
- Status
- Administration ended
- Administration began
- 2015-05-14
- Administrators
- Sarah Megan Rayment, James Joseph Bannon
- Administrators' firm
- BDO
- Formerly
- Rainbow Estates Limited
- Incorporated
- 1995-06-16
- Location
- Barnet
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 16 June 1995 1ts main business being that of property investment focussing, 1n the main, on the London residential market. The Company had historically raised finance to facilttate its acquisition programme from a variety of sources but had primanty borrowed monies from Santander Bank Plc (‘the Bank’)
More recently, and for reasons that are not yet apparent, the Company was unable to service its loan to the Bank and had been seeking to secure a refinancing package In the meantime another lender to the Company, Butterfield Bank, took steps to protect its position and appointed an LPA Receiver over one of the Company’s properties, at Craven Street, London. As a result of the ongoing events of default the Bank took steps to appoint Administrators.
On 14 May 2015 an application for appointment of Joint Administrators was made by the Bank, being a Qualifying Floating Chargeholder, pursuant to Paragraph 12 of Schedule B1 of the Insolvency Act 1986. On 14 May 2015, Sarah Megan Rayment and David Harry Gilbert were appointed Joint Administrators and our appointment was ratified by the Court on 20 May 2015 Under the provisions of paragraph 100(2) of schedule B1 of the Insolvency Act 1986 the Administrators carry out their functions jointly and severally and neither Administrator has exclusive power to exercise any function,
Administrators' statement of proposals (2015-07-14) · Companies House register