De Barons Property Services Limited (04447557): administration
- Status
- Administration ended
- Administration began
- 2011-10-26
- Incorporated
- 2002-05-27
- Location
- London
- Industry
- 7012
Why it went into administration
- Regulatory change or action
From the administrators' statement
(i) To obtain their approval of the exit route (i) To obtain their approval of basis of administrator's remuneration The Company's principal activity was that of property developer
(1) Since my appointment | have looked at the contracts and sought advice from surveyors and subsequently from solicitors The surveyors advised that the sale price of £600,000 relating to 28C appeared to be in line with their estimate and therefore | allowed the sale to go ahead and completion took place on 7 December 2011, the delay being caused by legal matters The net sale proceeds less legal costs have been paid to the bank But the sale price of £350,000 relating to 28A was seriously undervalued. | informed the bank accordingly and the bank confirmed that | should do what ts right in this respect The solicitors’ advice was that, unless the purchaser agreed to pay the full price, | had no alternative but to consider applying to the Court for annulment of the contract This inevitably meant delay in the sale, legal costs, security, maintenance and insurance costs for the property to avoid vandalism, etc , and a claim for damages for breach of contract from the purchasers Negotiations were initiated with the purchaser and, after considerable discussions, the purchaser agreed to pay £600,000 for the property as opposed to £350,000 as per contract Part consideration of £250,000 has …
(un) All costs of the Administration to date have been met by me and will be reimbursed from the surplus of funds available after the sale of the properties The Administration will have funds available to meet ongoing administration costs from the surplus from the sale of the properties
Administrators' statement of proposals (2011-12-19) · Companies House register