From the administrators' statement

The Company has suffered from current economic conditions and the downturn in the real estate sector Due to the drop in demand, and property prices subsequently falling, the Company has seen Its return on investments decrease significantly

Prior to the appointment of Administrators, the Company was able to realise a number of assets within its portfolio to reduce Bank borrowing However, the Company was unable to sell the Properties, the majority of which remain unoccupied, and the accruing interest payments have become a cash burden on the business

Furthermore, the Company has a significant level of book debts (see section 3 3) which it has been unable to recover

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Bluetree Estates Limited (04346600)

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