# Green Parks Holidays (Ilfracombe) Ltd (09698715)

> Why UK company 09698715 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/09698715

- **Status:** Administration ended
- **Administration began:** 2019-05-31
- **Administrators' firm:** Quantuma
- **Incorporated:** 2015-07-22
- **Location:** Southampton
- **Industry:** 55201 Holiday centres and villages

## Why it went into administration

- Funding withdrawn / unable to refinance

## From the administrators' statement

Around 210 investors have purchased jong leases of chalets on the Ilfracombe site, with the expectation of a twice yearly payment from the Company, which is the tenant of each investor under sub-leases entered into at the time of purchase. In January, payment was not made with little or no explanation from the Company or its director. The directors did briefly consider putting together a formal proposal via a CVA and an informal proposal outside of any insolvency procedure. However, this did not progress due to a lack of co-operation and insistence that cooperation was contingent on the Joint Administrators of A1 Alpha Properties (Leicester) Limited doing as instructed by the director. Consequently, the investor creditors grouped tagether and confirmed they were supportive of collective action to put the Company into administration.

Given the level of collective rental arrears owing to investors, the Company has been unabie to meet its obligations in respect of the amounts due to the investors in accordance with the under lease. Arrears therefore exist and continue to accrue. Of particular concern is that the investors have lost faith in the management and director of the Company. This is due to the lack of contact (as we understand it, no explanation has been given whatsoever in relation to the rental arrears), the level of cumulative arrears, and disagreements over the commitment to refurbish the chalets sold.

We have since been informed that a combination of things meant the Company was unable to make payment to investors, delayed refurbishment work, increased refurbishment costs, inability to sell remaining units, and a poor holiday season generally.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/09698715/filing-history/MzI0MTI0ODU4MWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/09698715

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.