Empyrean SMA Limited (09229748): administration
- Status
- In administration
- Administration began
- 2022-09-30
- Administrators
- Arron Simon Kendall, Andrew James Pear
- Administrators' firm
- Moorfields
- Incorporated
- 2014-09-22
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss-making contracts / project overruns
From the administrators' statement
The construction works on the Development endured significant time and cost overruns. In accordance with the terms of the facility agreement, the QFCH has the power to appoint an Administrator over the Company in the event that any sums owed under the facility agreement are due and payable. The QFCH had lost confidence in the ability of the Company to complete the Development following several events of default which had occurred in breach of the terms of the facility. The facility had not been repaid and, 2.4
as such, the qualifying floating charge was enforceable in accordance with paragraph 16 Schedule B1 of the Act.
On 30 September 2022, Arron Kendall and Andrew Pear of Moorfields were appointed Joint Administrators of the Company following the filing of a Notice of Appointment of Administrators by the QFCH.
Administrators' statement of proposals (2022-11-16) · Companies House register