Mortgage Debenture Limited (05067896): administration
- Status
- Administration ended
- Administration began
- 2019-07-01
- Administrators
- Peter John Harold
- Administrators' firm
- Refresh Recovery
- Incorporated
- 2004-03-09
- Location
- Bury
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Management failings / irregularities
- Creditor pressure / legal action
- Rising interest rates
- Property / lease costs
From the administrators' statement
important Note The information contained in this section has been provided by the Director of the Company and no venfication work has been undertaken by the Administrator
The Company was incorporated on 9" March 2004 for the purpose of dealing in and trading in mortgages and debentures It commenced trading in tts first year and was initially funded by shareholders’ funds Additional funding was introduced as and when required by way of loans and credit facilities provided by commercial tenders at commercial interest rates plus fees, which were secured by way of a grant to commercial lenders, in the form of mortgages, charges, debentures The Company upon incorporation had, or intended to acquire the necessary professional and legal expertise to realise the securities it obtained
The Company had identified a niche in the market, whereby there were extant and enforceable securities available for sale on the commercial market The main targets were mortgages fixed on land that had realisable equity available for the lender/mortgagee/assignee and It was envisaged that the Company would acquire such securities thereafter dealing in/realising them for the benefit of the Company
Administrators' statement of proposals (2013-09-04) · Companies House register