Lanner Car Park Bonds Limited (09631446): administration
- Status
- Administration ended
- Administration began
- 2018-01-24
- Administrators' firm
- MT Insolvency
- Incorporated
- 2015-06-10
- Location
- Wolston
- Industry
- 64999 Financial intermediation not elsewhere classified
From the administrators' statement
Lanner Car Park Bonds Limited (‘(LCPBL’) was set up in June 2015 as an investment vehicle to seek funding, by the issuing of bonds. The funds raised were to be invested primarily in car park and office leases in the United Arab Emirates. Bonds were issued accordingly and circa £3.5m was raised from investors. These investments were secured by an all-monies, all-assets debenture in favour of the security trustee for the investors (James Minns). The funds raised by LCPBL were subsequently lent to its parent company S.E. Contractors Limited (‘SEC’). SEC ts a company owned by a friend of the director of LCPBL which was used solely for expediency and for the purposes of making the investments themselves. SEC is a stand-alone business dealing in plant hire unrelated to the activities of LCPBL. As part of the loan, SEC Granted security to LCPBL in relation to it's obligations to investors in the form of, a guarantee in favour of investors via a security trustee as well as a fixed charge from SEC over car park assets and a deposit account in favour of investors via a security trustee.
Of the funds lent to SEC, one third was invested in shares in Falcon Investment SICAV PLC (registered in Malta) which operates the Lanner Car Park Yield Fund (sub-fund) and pledged shares to a security trustee. The final two thirds of the funds were invested in shares in Lanner SICAV PLC (registered in Malta) which also pledged shares to the security trustee. This company since became Horizon Properties Limited and its purpose was to hold the car park assets.
MT Insolvency Limited was first approached by the director Jeff Hankin in October 2017 for general discussions regarding the structure of LCPBL and the issues faced by the company. Subsequently, fegal advice was sought from Howes Percival Solicitors regarding the corporate structure and possible strategy for dealing with the issue facing LCPBL. SEC was in default with its obligations under the bonds due to issues relating to the car park investments which in turn meant the LCPBL was in default of its own obligations to its investors. These assets are also involved in an ongoing criminal action that has been brought by Best Asset Management in the United Arab Emirates against several UAE registered companies and individuals based in UAE. We do not propose to make further disclosure is made in respect of the Individuals involved as this may be potentially prejudicial to the action.
Administrators' statement of proposals (2018-04-13) · Companies House register