Bishopsgate Parking (No.2) Limited (04448005): administration
- Status
- Administration ended
- Administration began
- 2012-10-19
- Administrators
- Philip Stephen Bowers, Neville Barry Khan
- Administrators' firm
- Deloitte
- Formerly
- Elitedegree Limited
- Incorporated
- 2002-05-27
- Location
- London
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
NCP, the sole tenant of the Group’s properties, concluded a comprehensive restructuring in April 2012 and as a result the Group was impacted by a reduction tn its annual rental income (down from circa £46m pa to circa £41m pa) Given the high level of debt and interest burden, this reduction in revenue placed a strain on the Group's liquidity In addition, the Group had historic tax liabilities owed to HM Revenue & Customs of circa £14 4m for which a Time to Pay arrangement had previously been agreed
In May 2012 the Group was forecast to run out of cash by the end of August 2012 absent an Injection of additional funds and following identification of this need, the Group had been in negotiations with its Secured Creditors to seek to agree a consensual restructuring However, the various stakeholders were unable to agree the level of additional funds and priority required for the Group to continue
Faced with an imminent payment due to HM Revenue & Customs and lack of funding, the sole director of the Companies filed a Notice of Intention to Appoint Administrators with the Court on 15 October 2012 On 19 October 2012, the sole director filed a Notice of Appointment in respect of each of the Companies, appointing the Joint Administrators
Administrators' statement of proposals (2012-12-06) · Companies House register