Usebank Ltd (05457468): administration
- Status
- Administration ended
- Administration began
- 2014-06-02
- Administrators
- Catherine Williamson, Andrew Graham Palmer, Simon Wilson
- Administrators' firm
- AlixPartners
- Incorporated
- 2005-05-19
- Location
- London
- Industry
- 42990 Construction of other civil engineering projects n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Landfill was incorporated on 16 October 2006 and Usebank was incorporated on 19 May 2005 The Companies’ only assets are the Properties, which comprise of a mix of retail, office and residential usage
Nationwide provided funds to enable the purchase of the majority of the Properties and was granted fixed and floating charges as set out in section 6 and Appendix A This lending was subject to certain terms and conditions and a review conducted in November 2013 identified a breach of the lending covenants
Nationwide allowed the Companies a period of time to seek to remedy the breach, however this was not completed and the Companies remained in default of their facilities.
Administrators' statement of proposals (2014-07-22) · Companies House register