Cheval Property Developments Ltd (04348496): administration
- Status
- Administration ended
- Administration began
- 2011-06-20
- Administrators
- Malcolm Peter Fillmore
- Administrators' firm
- PwC
- Incorporated
- 2002-01-07
- Location
- Crawley
- Industry
- 6512
From the administrators' statement
The Company was incorporated on 7 January 2002 as a wholly owned subsidtary of Cheval Property Finance Ple ("CPF") CPF was placed into administration by Volkomen on 31 January 2011, Robert Hunt and Karen Dukes of PWC were appointed as tts joint Administrators CPF's assets and the entire issued share capital of four of its subsidianes were sold to Checked Limited and Flexinet Limited (owned/funded by Volkomen) CPD was not included as part of the sale agreement Flexinet Limited changed tts name to Cheval Holdings Limited on 21 February 2011 and the new group continues trading fram new premises in Watford under the same management
The Company's main business was to provide secured lending to its customers to assist them acquire property for development CPD took secunty over that property with funding provided by israel Discount Bank Limited (“1DB"), which in turn took secunty on CPDs security
The Company expenenced financial difficulties following the property and banking cnses and granted no new loans after December 2007 Following the appointment of administrators to CPF (who have no financial interest in CPD) IDB decided to appoint us as jomnt administrators so that CPD’s remaining assets and rights could be managed out in a controlled manner
Administrators' statement of proposals (2011-08-12) · Companies House register