Silentpride Limited (05860814): administration
- Status
- Administration ended
- Administration began
- 2013-04-18
- Administrators
- Peter Michael Allen
- Administrators' firm
- Deloitte
- Incorporated
- 2006-06-28
- Location
- Corby
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
As noted in 1 2, the Company bought and sold land at Little Stanion, Corby, during 2006 & 2007 Subsequent to which it has been developing out the site, whilst retaining c6 acres of development land for subsequent disposal
The developing of the site, which included the provision of infrastructure to the site, also included the obligation to satisfy the s106 agreements in place The s106 agreement between the Company (as successor to Corus UK Limited) and the Local Authorities sets out the conditions on which the planning permission for the site was provided The initial s106 agreement included the provision of funds or physical property in respect of education, highways, public open space, amenities, etc and had an estimated financial cost of ckE9m At the time of appointment the liability under this $106 agreement included within the Director's Statement of Affairs was £5,863k
As discussed at paragraph 3 2 below, the funds held by the Company which could be utilised to meet its obligations under the s106 agreement stood at only £3 5m Therefore, prior to appointment It appeared that the Company would be unable to fulfil the remaining obligations under the s106 agreement and was therefore deemed, prima facie, insolvent
Administrators' statement of proposals (2013-06-10) · Companies House register