Nigel Smith Developments Limited (05947512): administration
- Status
- Administration ended
- Administration began
- 2013-12-09
- Administrators
- Mark Malone, William John Kelly
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2006-09-26
- Location
- Birmingham
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company commenced the construction of a development of 23 apartments known as Mullberry Court, 80 Kings Road, Sutton Coldfield, Birmingham, specifically intended for the rental market The development was financed by United Trust Bank Limited (“UTB”) and was completed in 2009
Dunng 2009 the Company refinanced part of its debt with UTB by negotiating mortgages with Santander UK Plc (formerly Abbey National) (“Santander”) and Lloyds Bank (formally Lloyds TSB) (* Lloyds’) in respect of 14 apartments resulting in UTB having secunty over 9 apartments and Santander and Lloyds having secunity over 7 apartments each
Some time later, a dispute began between the Company and UTB in respect of the level of the outstanding debt Despite protracted negotiations over a long penod of time the dispute could not be settled As a consequence UTB served formal notice on the Company demanding immediate payment of the outstanding loan on 23 October 2013
Administrators' statement of proposals (2014-02-07) · Companies House register