ST5 Investments Ltd (10855517): administration
- Status
- Administration ended
- Administration began
- 2019-09-11
- Administrators
- Arron Simon Kendall, Simon Robert Thomas
- Administrators' firm
- Moorfields
- Incorporated
- 2017-07-07
- Location
- London
- Industry
- 68209 Other letting and operating of own or leased real estate
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
« The Company had insufficient cash to complete the development of the property « The Company was in breach of its loan agreement
Prior to the commencement of the Administration Moorfields acted as advisors to the Principal Secured Creditor. No advice was given to the Director regarding the impact of the insolvency of the company on their personal financial affairs. Whilst not formally in office at that time, Moorfields was still required to act in its dealings with the Company in accordance with the Insolvency Code of Ethics.
As required by the Insolvency Code of Ethics, Simon Thomas and | considered the various threats to our objectivity arising from this prior involvement. We concluded that those threats were at an acceptable level such that we could still act objectively and hence could be appointed Administrators of the Company.
Administrators' statement of proposals (2019-11-05) · Companies House register