Rosendene Ltd (04735226): administration
- Status
- Administration ended
- Administration began
- 2011-07-29
- Administrators
- Ryan Kevin Grant, Simon Wilson
- Administrators' firm
- AlixPartners
- Incorporated
- 2003-04-15
- Location
- Manchester
- Industry
- 5521
Why it went into administration
- Creditor pressure / legal action
From the administrators' statement
21 The Company was incorporated on 15 April 2003. In recent years the Company’s principal activity was a property holding company for two vacant properties, located at Fox Earths, Spot Acre, Stone, Staffordshire, $T15 8RN (Fox Earths) and Steward Street, Springhill, Birmingham, B18 7AF (Steward Street) (together the Properties).
2.2 By June 2011 the Company was unable to service its bank borrowings which were secured by legat charges over the two properties and by a debenture over its assets and undertaking. Consequently, and prior to our appointment, Mr H Dunger and Mr J Cookson of Colliers International were appointed Joint Receivers of the properties in accordance with the provisions of the Law of Property Act 1925 (Joint Receivers).
2.3 The Company’s financial position was further compounded when a winding up petition was presented against the Company which was due to be heard on 1 August 2011. Due to restrictions filed at the Land Registry over the Properties, the secured lenders wished to have the benefit of the control and powers that an Administrator has to address these restrictions, and to help the Joint Receivers to realise the Properties in a time efficient manner
Administrators' statement of proposals (2011-09-20) · Companies House register