Stellco Developments Limited (04112415): administration
- Status
- Administration ended
- Administration began
- 2013-11-19
- Administrators
- David Frederick Wilson
- Administrators' firm
- Begbies Traynor
- Formerly
- Stellco Investments Limited
- Incorporated
- 2000-11-22
- Location
- Bedford
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Property / lease costs
From the administrators' statement
Stellco Developments Limited (“the Company”) (“Stellco”) was incorporated on 22 November 2000 The company has carried on the business of a property developer and has developed a variety of property sites in Buckinghamshire and Bedfordshire The company’s most recent project was the site Brunswick Place, Rose Lane, Biggleswade, Bedfordshire, SG18 ONQ (“Brunswick Place”)
The company operated two facilities with Clydesdale Bank Pic (trading as Yorkshire Bank) (“the bank”) secured by way of a legal mortgage created on 30 June 2005 and a Debenture created on 7 July 2005 The outstanding facility of £967,348 12, is in relation to Brunswick Place which consists of 16 apartments providing a mix of one and two bedroom properties of varying design and layout The majority of the original apartments have been sold, but the remaining 6 apartments still remain unsold although do have tenants paying a monthly rent
The debenture |s a fixed and floating charge over all property and assets of the company, however this 1s also subject to a cross guarantee with a management company Brunswick Place (Biggleswade) Limited set up by the director to service the property owned by the company The company had an overdraft facility which expired on 31 July 2013 but there was still an outstanding debit balance due to the bank The company was served with a formal demand for payment by the bank on 21 October 2013 No payment was received so the bank proceeded to appoint Allsop LLP ("Allsops”) as LPA Receivers
Administrators' statement of proposals (2014-01-29) · Companies House register