Citrus Isleworth Limited (09690031): administration
- Status
- In administration
- Administration began
- 2023-02-07
- Administrators
- Arron Simon Kendall, Milan Vuceljic
- Administrators' firm
- Moorfields
- Formerly
- Citrus PX Three Limited
- Incorporated
- 2015-07-16
- Location
- London
- Industry
- 68100 Buying and selling of own real estate
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- Funding withdrawn / unable to refinance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 suffered from 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, as such, the qualifying floating charge was enforceable in accordance with paragraph 16 Schedule B1 of the Act. 2.4
On 7 February 2023, Arron Kendall and Milan Vuceljic of Moorfields were appointed Joint Administrators of the Company following the filing of a Notice of Appointment of Administrators by the QFCH.
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 (2023-04-12) · Companies House register