Initial Developments (Properties) Limited (03620998): administration
- Status
- Administration ended
- Administration began
- 2016-12-06
- Administrators
- Simon Robert Thomas, Arron Simon Kendall
- Administrators' firm
- Moorfields
- Incorporated
- 1998-08-24
- Location
- London
- 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- Funding withdrawn / unable to refinance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, incorporated in 1998, had the principal trading activity of the building and selling of real estate The Company's registered office was Killerby House, Durham Chare Newgate Street, Bishop Auckland, County Durham, DL14 7HS At the date of my appointment, the Company’s sole Director and 100% shareholder was Wayne Baister (“the Director”)
Historically, the Company's primary revenue streams were derived from rental income from its property portfolio and from the sale of real estate assets At the date of my appointment, the Company's primary assets comprised 8 commercial properties in the North East (‘the Portfolio”)
We are currently unable to provide creditors with a summary of the Company’s recent trading performance, as we are currently only in possession of abbreviated statutory accounts at this stage We are currently in the process of obtaining full accounts from the Company's previous accountants, as well as management accounts from the Director Our findings in this regard will be communicated to creditors in my next report
Administrators' statement of proposals (2017-02-08) · Companies House register