Prosperity UX Manchester Developments Limited (10662759): administration
- Status
- Administration ended
- Administration began
- 2021-05-21
- Administrators' firm
- Quantuma
- Incorporated
- 2017-03-09
- Location
- Southampton
- Industry
- 41100 Development of building projects
From the administrators' statement
Quantuma Advisory Limited were first approached by the Company on 11 May 2021 and subsequently instructed on 19 May 2021.
The directors of the Company were faced with imminent bankruptcy proceedings, which would bring an end to their ability to act and would have left the Company in limbo. They had been in discussions with a consortium of investors in respect of replacing them, and taking control of the Company, but no director nominations were forthcoming and takeover discussions had stalled.
The directors were then approached by, and in discussions with, a major developer who was interested in discussing the property position as a matter of urgency. The directors confirmed that the Company's assets (the aforementioned data, designs, drawings and due diligence) had value but would quickly diminish. Therefore, an administration appointment was necessary to preserve this.
Administrators' statement of proposals (2021-07-27) · Companies House register