Falcon Ventures Limited (03566759): administration
- Status
- Administration ended
- Administration began
- 2017-02-06
- Administrators
- Jason Dean Greenhalgh, Paul Stanley
- Administrators' firm
- Begbies Traynor
- Incorporated
- 1998-05-19
- Location
- Manchester
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
The Company was incorporated in May 1998 with its principal activities stated as ‘Buying and selling of own real estate’ and ‘other letting and operating of own or leased real estate’. The Company was acquired by its current owners as part of a group acquisition in August 2006.
Funding for the group acquisition was initially provided by Capita Trust Company Limited, with additional finance raised from N M Rothschild & Sons Limited in October 2006. In November 2009 the original security granted to Capita Trust Company Limited was transferred to N M Rothschild & Sons Limited.
Over recent years, properties owned by the Company and others within the Group! were sold in order to reduce borrowing. In late 2016 it became apparent that in addition to the value of properties owned by the group being insufficient to meet its liabilities to N M Rothschild & Sons Limited, the sales of further properties would result in significant capital gains tax liabilities which the group would be unable to pay.
Administrators' statement of proposals (2017-04-20) · Companies House register