# Bhullar Properties Limited (07991119)

> Why UK company 07991119 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07991119

- **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- Funding withdrawn / unable to refinance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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07991119/filing-history/MzEzNjU4NTIzMGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07991119

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.