BLN Property Developments Limited (05872515): administration
- Status
- Administration ended
- Administration began
- 2011-05-03
- Administrators' firm
- KPMG
- Formerly
- Progress Property Developments Limited; Boatpoint Limited
- Incorporated
- 2006-07-11
- Location
- London
- Industry
- 7011
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 2007 At the date of the appointment of the Joint Administrators the Company’s business comprised the letting of 17 properties throughout the UK Five of these properties are subyect to fixed charge securities held by the Bank, while the remaining 12 are subject to fixed charge securities held by Nationwide Building Society (“Nationwide”)
Nationwide exercised their security on 24 December 2009, appointing GVA Grimley (“GVA”) as LPA Receiver over the English properties over which they held security Prior to our appomtment Nationwide were in the process of repossessing the Scottish properties and GVA had been appointed as managing agent of the Scottish properties
As set out in Appendix 1, the Company made significant losses in the periods to 31 March 2008 and 31 March 2009 This resulted in the Company having net habilities of £10 4 million as at 31 March 2009
Administrators' statement of proposals (2011-07-04) · Companies House register