Prime Resort Development Ltd (10953685): administration
- Status
- Administration ended
- Administration began
- 2020-02-03
- Administrators
- Colin Hardman, Mark Christopher Ford, Lane Gary Bednash, Adam Henry Stephens, Finbarr O'Connell
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2017-09-08
- Location
- London
- Industry
- 41100 Development of building projects
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Property / lease costs
From the administrators' statement
The Prime Group as referenced in this report comprises the five companies that are now in administration. There is a wider Group structure, found at Appendix H, of which PRDL is the ultimate parent company. This includes the entities Costa Property Holdings Ltd “CPHL”, Costa Support Ltd “CSL”, Colina Property Holdings Ltd “CPHL2” and Colina Support Ltd “CSL2”. The Costa and Colina entities are the property holding companies and operational companies for an inland site and coastal land site in the Dominican Republic.
The Dominican Republic properties
LCF’s books and records confirm that loans totalling £49.3m are due from the Casta and Colina companies. The administrators of LCF, further to their continuing investigations, have very serious concerns as to the purpose of these loans and as to how those monies were allocated.
Administrators' statement of proposals (2020-04-15) · Companies House register