Kateleighs Property Investments Limited (08856882): administration
- Status
- Administration ended
- Administration began
- 2018-09-20
- Administrators
- Huw Powell, Katrina Jane Orum
- Administrators' firm
- Begbies Traynor
- Formerly
- AJL ( 0 ) Limited; MF Property Investments Limited
- Incorporated
- 2014-01-22
- Location
- Cardiff
- Industry
- 68100 Buying and selling of own real estate
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company owns three leasehold properties which are held for investment purposes and are rented to tenants. The income received from its investment properties was insufficient to pay the running costs, resulting in arrears accruing in respect of interest on the lending from the Company’s secured creditor, Finniilly Trading Limited (‘Finnlilly”). The lending was envisaged as a bridging loan and consequently carried a higher rate of interest (a fixed rate of 20% per annum). However, the lending was unable to be refinanced which led to the situation where the Company had insufficient funds to cover its costs.
The director believed that there was equity in the leasehold properties. Therefore in order to avoid any action
being taken by the secured creditor to enforce its security, the director sought to protect the Company's assets for the benefit of all creditors of the Company by placing the Company into administration.
Administrators' statement of proposals (2018-11-18) · Companies House register