Inspire Real Estate Limited (05041538): administration
- Status
- Administration ended
- Administration began
- 2012-05-15
- Administrators
- Andrew Graham Mackenzie, Robert Alexander Henry Maxwell
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2004-02-11
- Location
- Leeds
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 11 February 2004 and was set up for the purposes of buying and selling realestate The Company has eight mixed use sites compnsing both commercial and residential properties The properties are both tenanted and unoccupied Two of the properties are subject to LPA Recervership
In May 2012, one of the Company's secured lenders, Lloyds Banking Group (“Lloyds”) and the Company approached Begbies Traynor In order to seek insolvency advice as it was apparent that the Company was unable to meet Its liabilities as and when they fell due
The Company's appointed director could not be reached and It was the Company's defacto/shadow director, Mr Ogden, who confirmed that the Company could not continue in its current form without some major debt restructunng This option was not available to the Company and it was concluded that the Company was insolvent on a cash flow and balance sheet basis
Administrators' statement of proposals (2012-07-04) · Companies House register