# Kateleighs Property Investments Limited (08856882)

> Why UK company 08856882 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/08856882

- **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- Funding withdrawn / unable to refinance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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/08856882/filing-history/MzIxOTY3MDk3NWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/08856882

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