Keybank Ltd (06668395): administration
- Status
- Administration ended
- Administration began
- 2011-09-22
- Administrators
- Antony David Nygate, James Joseph Bannon
- Administrators' firm
- BDO
- Incorporated
- 2008-08-08
- Location
- Cardiff
- Industry
- 99999 Dormant Company
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The incorporation dates of the Compames are listed at the top of this page. Each of the Companies operated a care home based in three separate locations across the UK. The events leading up to the appointment of the joint administrators were detailed in my letter to creditors of 13 October 2011, but | provide a further summary below for the purpose of this report
The care homes were leased to Southern Cross Opco Limited (“SX”) We understand that the well reported financial difficulties of SX led to the Compames being asked to accept a significant rent reduction until the end of September 2011 (with no rent being paid thereafter), together with a return of the lease and a transition of the underlying operating businesses back to the Companies by 31 October 2011 at the latest
The Companies had refused to participate in the SX restructunng, and there was limited dialogue with the secured creditor, National Westminster Bank PLC (“NatWest”), in respect of the future of the business. The Compamies instead issued a winding-up
Administrators' statement of proposals (2011-12-05) · Companies House register