Midland Green Power Limited (09615639): administration
- Status
- Administration ended
- Administration began
- 2020-02-11
- Administrators
- Alistair Mcalinden, Blair Carnegie Nimmo
- Administrators' firm
- KPMG
- Incorporated
- 2015-06-01
- Location
- Leeds
- Industry
- 35110 Production of electricity
Why it went into administration
- Property / lease costs
From the administrators' statement
The Company was incorporated on 1 June 2015 for the purpose of commissioning and installing a single wind turbine at a leasehold site at Cuddyhouse Road in Fife, Scotland (‘the Site”). The intention was to generate revenues from electricity production once the turbine was operational. The Site was personally owned by the Company’s sole director and shareholder (“the Director’) and was leased to the Company for a rent of £1 per annum (“the Lease’).
The Company ordered a single, 500kw, twin-bladed wind turbine (“the Turbine”) from WUKL under an agreement to supply, erect, commission and operate the Turbine (“SPAOMW agreement”). The Turbine was manufactured and installed in 2016, however the Company never paid sums due to WUKL under the SPAOMW. Instead the Company agreed to grant WUKL security over the Company’s assets, and step in rights to enable WUKL to operate the Turbine from the Site applying any net cash generated against WUKL’s debt.
The Company did not have any employees, or any assets other than that the Lease, the Turbine, and associated operational contracts. It did not form a part of any wider group.
Administrators' statement of proposals (2020-04-17) · Companies House register