Nashtec Property Limited (08734104): administration
- Status
- Administration ended
- Administration began
- 2015-03-26
- Administrators
- Lee Van Lockwood, Andrew Graham Mackenzie
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-10-16
- 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- Funding withdrawn / unable to refinance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 16 October 2013 and was set up as a Special Purpose Vehicle to purchase seven leasehold properties, which it did at a later date Funding was provided via a bndging finance facility provided by TFG Security Limited (“TFG”) together with a deferred consideration element due to the previous owner
As a result of difficulties with non paying tenants, the Company began experiencing cash flow problems and was unable to service its debt with TFG thus resulting in a breach of tts loan agreement In addition, there was a further breach in early March 2015 as a result of its bndging facility having expired
On 16 March 2015, TFG made fornal demand for repayment of the facilites as a result of the breaches of tts 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 appointed as joint administrators on 26 March 2015
Administrators' statement of proposals (2015-05-28) · Companies House register