Bhullar Properties Limited (07991119): administration
- Status
- Administration ended
- Administration began
- 2015-10-01
- Administrators
- Lee Van Lockwood, Andrew Graham Mackenzie
- Administrators' firm
- Begbies Traynor
- Formerly
- Jark Training Limited
- Incorporated
- 2012-03-15
- Location
- Leeds
- Industry
- 74990 Non-trading company
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 15 March 2012 and was dormant until purchasing three leasehold properties in Seacroft, Leeds, in November 2014 Funding for the purchase of these properties was obtained via a bridging finance facility provided by TFG Security Limited (“TFG”)
As a result of lower than expected rental realisations, the Company began experiencing cash flow problems The Company was therefore unable to service the interest on its debt to TFG and also failed to repay certain monies under the agreement, thus resulttng in a breach of the loan agreement
On 12 May 2015, TFG made formal demand for repayment of the facility as a result of the breach of the loan agreement The Company failed to satisfy the demand which resulted in TFG taking steps to appoint administrators pursuant to paragraph 14 of Schedule B1 to the Insolvency Act 1986 Andrew Mackenzie and Lee Lockwood were subsequently appomted as Joint administrators on 1 October 2015
Administrators' statement of proposals (2015-12-02) · Companies House register