DCP Caroline 2 Limited (09501229): administration
- Status
- Administration ended
- Administration began
- 2022-03-31
- Administrators
- Arron Simon Kendall, Michael Stephen Elliot Solomons
- Administrators' firm
- Moorfields
- Incorporated
- 2015-03-20
- 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- Funding withdrawn / unable to refinance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, OakNorth have the power to appoint an Administrator over the Companies in the event that any sums owed under the facility agreement are due and payable. OakNorth had lost confidence in the ability of the Companies to complete the Development and subsequently proceeded to issue a demand for repayment of the facility on 30 March 2022. This succeeded several events of default which had occurred, and were continuing to occur, in breach of the terms of the facility. The demand was sent to each of the Companies, notifying them that the facility was cancelled, and all outstanding amounts were immediately due and payable. The facility has not been repaid and, as such, the qualifying floating charge is enforceable in accordance with paragraph 16 Schedule B11 of the Act.
On 31 March 2022, Arron Kendall and Mike Solomons of Moorfields were appointed Joint Administrators of the Companies following the filing of a Notice of Appointment of Administrators by OakNorth.
The Joint Administrators confirm that they are authorised to carry out all functions, duties and powers by either one or both of them.
Administrators' statement of proposals (2022-05-27) · Companies House register