Monster Developments Limited (04799228): administration
- Status
- Administration ended
- Administration began
- 2013-01-31
- Administrators
- Julian Pitts, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2003-06-13
- Location
- Leeds
- Industry
- 41100 Development of building projects
Why it went into administration
- Weather / natural events
From the administrators' statement
Prior to the Company's incorporation, the directors had undertaken and completed a number of successful property development assignments The Company was incorporated on 13 June 2003 and was set up specifically with the aim of developing and converting barns on the Halesend Estate, Stormdge, Worcestershire The Halesend Estate comprises 10 barns in various stages of conversion, two of which were sold prior to our appointment, leaving 8 remaining barns
The Company began to experience financial difficulties as a consequence of the general economic downturn and not being able to sefl the completed converted barns Pressure on cashflow then began to build and the Company was unable to complete the development The Company was unable to service its level of debt with Clydesdale Bank t/a Yorkshire Bank (“the Bank”) which totalled £2 1m
On 19 December 2012 the Bank made demand for repayment of the facilities and the Company failed to satisfy the demand This resulted in the Bank taking steps to appoint administrators pursuant to paragraph 14 of Schedule B1 to the insolvency Act 1986 Bob Maxwell and Julian Pitts were appointed as joint administrators on 31 January 2013
Administrators' statement of proposals (2013-04-05) · Companies House register