Ritec Developers Ltd (06235168): administration
- Status
- Administration ended
- Administration began
- 2017-02-21
- Administrators
- Simon Robert Thomas, Arron Simon Kendall
- Administrators' firm
- Moorfields
- Formerly
- Ritec Homes Ltd
- Incorporated
- 2007-05-02
- Location
- London
- Industry
- 41100 Development of building projects
From the administrators' statement
The Company was formed in May 2007 and acted as agent for Whitehall Farm Partnership (“the Partnership”) in retation to the development of Lily Cottage and The Old Stables. The Partnership compromises four individuals including two of the directors of the Company. The Company issued a debenture on 28 July 2007 in favour of Clydesdale Bank PLC to purchase the plots of land and construct Lily Cottage and Old Stables (“the Properties”) at Whitehall Farm, Angle, Pembrokeshire.
Due to a ransom strip held by one of the partners and numerous defects within the build, the Properties were never sold. A dispute developed between the Company and a building contractor company (“the Contractor’), and the Contractor brought an adjudication against the Company for payment of fees. This action was successful but the Company in turn bought an adjudication against the Contractor in respect of defective works which was also successful, however, two of the four partners claimed they never consented to arbitration proceedings and disputed the costs and expenses incurred.
By order of the court the Partnership was dissolved on 11 July 2012 as a result of a breakdown in relations between the partners. The Company was deemed to be entitled to be reimbursed by the Partnership in relation to any liability, loss or expenditure incurred on the Partnership’s behalf, arising out of and / or in relation to the development of the Properties.
Administrators' statement of proposals (2017-04-13) · Companies House register