Featherfoot High Street WB Limited (10841479): administration
- Status
- Administration ended
- Administration began
- 2024-07-11
- Administrators
- Mark Nicholas Ranson, Franklyn Ofonagoro
- Administrators' firm
- Opus Restructuring
- Formerly
- Empire Property Holdings 3 Limited
- Incorporated
- 2017-06-29
- Location
- Milton Keynes
- Industry
- 68100 Buying and selling of own real estate
From the administrators' statement
Frank Ofonagoro was first introduced to the QFCH on 3 July 2024 by the LPA Receivers to discuss the options available to the QFCH should the LPA Receivers be unsuccessful in delivering their current strategy of pursing a sale of the uncompleted development site.
As explained above, the Company approached the QFCH earlier this year seeking to increase its existing finance facility to recommence work on the development site. However, this was unappealing to the QFCH given the significant number of UN1 notices registered on the title of the development site, that effectively rank in priority to QFCH.
As already discussed, the existing UN1 notices relate to deposits paid by potential buyers to secure residential flats which were to be built on the development site. The deposits received by the Company were split into two elements; 50% related to stakeholder funds and the balance of 50% related to developer funds. The amounts in relation to the stakeholder funds were held in an escrow account operated by the Company’s then solicitors, JB Glass Solicitors (“JB Glass”).
Administrators' statement of proposals (2024-09-10) · Companies House register