Canley 5 Limited (06483634): administration
- Status
- Administration ended
- Administration began
- 2012-04-02
- Administrators
- Robert Andrew Croxen, Jane Bronwen Moriarty
- Administrators' firm
- KPMG
- Formerly
- ROM Capital (Walsall) Limited; ROM Capital (Accrington) Limited
- Incorporated
- 2008-01-25
- Location
- London
- Industry
- 68320 Management of real estate on a fee or contract basis
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Parent or group failure
From the administrators' statement
Since September 2008, due to the onset of difficult trading conditions and a downturn in property values, the Group has been balance sheet insolvent
We understand that efforts were made to dispose of the properties in early 2011, however, these were not successful Notices of breach of covenants were issued in August 2011 and notice of default in December 2011, however, during December 2011, Lloyds completed a loan portfolio sale to LSREF Royal il Investments Limited (the ‘secured lender’) which included the Group’s loan Hudson Advisors were subsequently appointed as loan administrators on behalf of the secured lender
Section 1 1 Introduction background and circumstances giving rise to the appointments
Administrators' statement of proposals (2012-05-23) · Companies House register