Canley 4 Limited (06579431): administration
- Status
- Administration ended
- Administration began
- 2012-04-02
- Administrators
- Robert Andrew Croxen, David John Crawshaw
- Administrators' firm
- KPMG
- Formerly
- ROM Capital (Northampton) Limited
- Incorporated
- 2008-04-29
- Location
- London
- Industry
- 7020
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- Funding withdrawn / unable to refinance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 it Investments Limited (the ‘secured lender’) which included the Group's loan Hudson Advisors were subsequently appointed as loan administrators on behaif of the secured lender
On 21 March 2012, the secured lender demanded repayment of the entire loan and subsequently, on 22 March 2012, A Swarbrick and AR Bloom were appointed as Joint Administrators of Canley Limited The appointment was made by the Bank out of court as a holder of a qualifying floating charge
Administrators' statement of proposals (2012-05-22) · Companies House register