IWR Indian Ocean Ltd (07714813): administration
- Status
- Administration ended
- Administration began
- 2018-05-09
- Formerly
- Gravity Resort Group Limited
- Incorporated
- 2011-07-22
- Location
- Chatham
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
The indebtedness to Pagebarn was due to be redeemed in two tranches, on 19 December 2016 and 20 February 2017. Neither deadline was met and an extension to the facility was agreed. However, Gravity was unable to settle the loan on the revised repayment date and Pagebarn approached PCR in August 2017 via their solicitors Dean Wilson LLP to undertake a review of the Company’s position and advise Pagebarn as to its options.
Several concerns were raised as a result of that review and Pagebarn continued to negotiate with the Director with a view to resolving the position without enforcement. It was intended that a consensual sale of the land in Sri Lanka would generate sufficient funds to redeem Pagebarn Limited’s capital exposure and a proportion of accrued interest.
During these discussions it transpired that the Gravity was in arrears with HM Revenue & Customs for unpaid Corporation Tax and in April 2018 the Director was declared bankrupt. At this juncture, Pagebarn Limited made formal demand and sought the appointment of Administrators over the Company and Gravity in order to protect their interest and the assets subject to their security. For the avoidance of doubt, Pagebarn Limited have refrained so far from appointing Administrators to three other group companies over which they have security, as they do not appear to have any readily realisable assets, however, this remains under consideration.
Administrators' statement of proposals (2018-07-16) · Companies House register