Alburn Properties Limited (04597373): administration
- Status
- Administration ended
- Administration began
- 2012-11-20
- Administrators
- Shelley Bullman, Simon Robert Thomas
- Administrators' firm
- Moorfields
- Incorporated
- 2002-11-21
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 21 November 2002 and Is part of a group of 24 companies (“the Group”) financed under a cross-company guarantee
The Company's principal business interest is that of property investment
In April 2012 a strategic independent restructuring review of the Group was completed following a failed negotiation to extend the loan out to the final legal maturity date of the securitised bonds This re-valued the portfolio at a substantial discount to the original 2006 valuation N M Rothschild, the primary servicer, upon advice, decided to accelerate the repayment of the defaulted loan and pursue a managed and structured disposal strategy for the portfolio through the appointment of Fixed Charge Receivers and Administrators
Administrators' statement of proposals (2013-01-21) · Companies House register